Coinbase Global Inc COIN shares are trading higher by 7.97% to $61.84 during Friday’s trading session despite a lack of company-specific news. Shares of banks and financial services companies, including Coinbase, are trading higher in recent sessions as stocks rebound amid broader economic concerns as traders assess the possibility of a recession.
Although Coinbase shares were trading lower Wednesday after Atlantic Equities downgraded the stock from Overweight to Neutral and announced a $54 price target, the stock has benefitted over the past week amid a marked rebound in the price of apex cryptocurrency Bitcoin and second-largest market cap cryptocurrency Ethereum.
Bitcoin is trading 13.99% higher over the past week at around $21,990.
Ethereum is trading 15.46% higher over the past week at around $1,240.
See Also: Why Twitter Stock Is Falling Today
Coinbase is the leading cryptocurrency exchange platform in the United States.
This news is republished from another source. You can check the original article here
Be the first to comment