Why Coinbase Stock Is Rising Today
Portfolio Pulse from Ryan Gustafson
Shares of Coinbase Global, Inc. (NASDAQ:COIN) are trading higher amid a rise in the price of Bitcoin. The price of Bitcoin has risen over 3% during the past five days, positively impacting Coinbase's stock. Prior to this, the cryptoasset's price had dropped, hitting a one-month low and dragging Coinbase's shares down with it.
September 14, 2023 | 7:47 pm
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POSITIVE IMPACT
Coinbase's stock price is positively correlated with the price of Bitcoin. As Bitcoin's price has risen over 3% in the past five days, Coinbase's shares have also increased.
Coinbase's business model is heavily reliant on the performance of cryptocurrencies, particularly Bitcoin. As such, when Bitcoin's price increases, it is likely that Coinbase's stock price will also increase due to increased trading volumes and potential revenue.
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