What's Going On With Coinbase Stock As Bitcoin Rallies Above $66K?
Portfolio Pulse from Erica Kollmann
Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher amid a Bitcoin rally above $66,000. The increase in Bitcoin's price has led to heightened trading activity on Coinbase's platform, which experienced a major outage last Wednesday due to unprecedented traffic. Despite the outage, Coinbase assured users their funds were safe. Coinbase CEO Brian Armstrong acknowledged the platform's preparation for increased traffic but admitted the actual volume exceeded expectations.
March 04, 2024 | 5:24 pm
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Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher due to a surge in Bitcoin prices, despite experiencing a major platform outage last week.
The surge in Bitcoin prices typically leads to increased trading volumes on cryptocurrency exchanges like Coinbase, which can positively impact the company's revenue and, consequently, its stock price. Despite the platform outage, the reassurance from Coinbase about the safety of user funds and the acknowledgment of the traffic surge by the CEO suggest a strong demand for Coinbase's services, which is a positive indicator for investors.
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