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Coinbase Global (Nasdaq: Coin) Stocks rose as much 13% On Tuesday, it touched its highest level since mid-August 2022 as a rally in Bitcoin (BTC-USD) pushed some cryptocurrency-related stocks higher.
Bitcoin (BTC-USD) advanced 1.1% to 30.6 thousand dollars in the hope that the securities will continue The SEC will finally approve the first US exchange-traded fund. Overall, the global cryptocurrency market capitalization rose 0.8% to $1.19 trillion, according to CoinMarketCap. data.
Since COIN is seen as a high beta of BTC, it’s no surprise that the former is up 165% year-to-date compared to the latter’s 84% jump. This is despite the company’s legal troubles, among other headwinds.
However, with the instant BTC ETF craze in full swing, the crypto platform stock is on track for a third straight day of gains. A number of re-registrations of such a product by prominent money managers such as BlackRock (BLK) and Fidelity Investments have named Coinbase (COIN) as a monitoring partner.
More on Coinbase Global:
- Coinbase Downgrades to Neutral at Piper on Valuation, ‘Too Much Uncertainty’
- Coinbase: a counter-cyclical bet on the cryptocurrency market