Coinbase Global
stock was ticking higher with Bitcoin. Both shares and the cryptocurrency notched 20-month intraday highs in Monday trading.
Shares of the cryptocurrency exchange tend to move with the well-known digital asset.
And indeed, on Monday morning, Coinbase stock soared to $146.30, its highest level since April 2022. Bitcoin gained for its fifth trading day in a row, reaching $40,728, its highest intraday level also since April 2022, according to Dow Jones Market Data. Shares and Bitcoin’s gains later eased but remained significantly higher.
Bitcoin has climbed sharply over the past few months, and multiple factors may be responsible for that rally. One is that investors are hoping regulators will soon approve the first spot Bitcoin exchange-traded fund. Another is expectations that the Federal Reserve will cut interest rates multiple times next year, and lower rates tend to benefit riskier investments such as Bitcoin and tech stocks, Barron’s previously reported.
Write to Emily Dattilo at [email protected]
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