Why did Coinbase stock go up today? Bitcoin climbs to 18-month high (NASDAQ:COIN)
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Coinbase (NASDAQ:COIN) stock gapped up 6.6% in Friday mid-afternoon trading as bitcoin’s (BTC-USD) rally to the highest level since May 2022 drove up a slew of crypto-linked stocks.
Shares of the crypto exchange are viewed as a high-beta version of bitcoin (BTC-USD). In other words, if bitcoin advances, one can assume that COIN simultaneously would see even bigger gains, all else equal. The same could be said of other crypto-exposed stocks, although it’s not always the case.
Year-to-date, for instance, BTC jumped some 132%, fueled by growing spot bitcoin ETF optimism and hopes that the Federal Reserve will start cutting borrowing costs next year, while COIN surged ~295%.
Of note, COIN closed out its biggest monthly gain since January, soaring about 62%.
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