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COIN Coinbase potential Sell-Off !!!

Short
NASDAQ:COIN   Coinbase Global, Inc.
If you haven`t bought COIN puts here:
Or sold it here:

Then you should know that COIN Coinbase was more than a client of Silicon Valley Bank, and the relationship between the two companies was more than just a client-provider one.

Back in 2014, when cryptocurrency projects and businesses affiliated with crypto struggled to secure financing from traditional sources, Coinbase gave a stock warrant to Silicon Valley Bank.
This was part of an agreement between the two companies, which allowed Coinbase to use the bank's services.
The warrant gave the bank the option to buy more than 400,000 shares of Coinbase's class B common stock for slightly over $1 each. The warrant was valid until June 2024, but it is unclear what its status is currently.
However, Silicon Valley Bank's latest annual report to the Securities and Exchange Commission revealed that the bank earned $116 million in gains "related to Coinbase's direct listing" in 2021.

Coinbase has also paused conversions between USDC (a stablecoin pegged to the US dollar) and US dollars, due to the ongoing banking crisis that has affected the crypto industry.
Circle, which backs USDC, confirmed that $3.3 billion of the $40 billion supporting its stablecoin was deposited at Silicon Valley Bank.
Following the bank's seizure by the FDIC, the fate of that cash is uncertain, and USDC's dollar peg has been lost temporarily.
It remains unclear what Coinbase's exposure to USDC is at this time.

Considering the chart, my Price Target for COIN Coinbase is $34, for a potential Double Bottom.

Looking forward to read your opinion about it!

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