Why Bitcoin- And Ethereum-Related Stock Coinbase Is Seeing Blue Skies
Portfolio Pulse from Henry Khederian
Shares of Coinbase Global Inc (NASDAQ:COIN) are trading higher by 6.1% amid a rebound in the price of Bitcoin. This comes after major cryptocurrencies saw a sharp decline due to concerns about potential selling pressure from the bankruptcy of exchange FTX. FTX is preparing to liquidate $3.4 billion in crypto assets, with Galaxy Digital set to oversee the sale.
September 12, 2023 | 2:44 pm
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Coinbase shares are trading higher due to a rebound in Bitcoin prices. The company's stock could be influenced by the bankruptcy of FTX and its subsequent liquidation of crypto assets.
Coinbase, as a platform for trading cryptocurrencies, is directly affected by the price movements of Bitcoin. The rebound in Bitcoin prices has led to a rise in Coinbase's stock. Additionally, the liquidation of FTX's crypto assets could potentially lead to increased trading volumes on Coinbase, positively impacting its stock.
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