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Shares of cryptocurrency exchange Coinbase Global (NASDAQ:COIN) +12.3% jumped on Tuesday, as bitcoin (BTC-USD) and a slew of major digital tokens rebound from the broader selloff over the long weekend.
Bitcoin (BTC-USD), in particular, is rising nearly 2% to $20.7K as of shortly before 5:00 p.m. ET, reversing last weekend’s slump. On the other hand, ethereum (ETH-USD), the largest altcoin by market cap, is ticking down 0.1% to $1.11K after hitting as high as $1.18K earlier intraday.
With bitcoin (BTC-USD) still off around 65% from its November peak, it’s not surprising that Coinbase (COIN) stock is also nosediving roughly 75% from its peak in November. Coinbase’s deeper drop compared with that of bitcoin implies that the exchange acts as a levered proxy for bitcoin. Take a look at why SA contributor The Value Pendulum thinks Coinbase stock could eventually rebound.
Note SA’s Quant Rating in mid-May had warned investors that Coinbase (COIN) shares are at high risk of performing badly due to negative EPS revisions as well as declining growth.
A colossal amount of crypto-focused firms finished the session higher, including MicroStrategy (NASDAQ:MSTR) +6.8%, Galaxy Digital (OTCPK:BRPHF) +9.6%, BIT Mining (BTCM) +11.9%, Bit Digital (BTBT) +6.3%, Riot Blockchain (RIOT) +9.5% and Marathon Digital (MARA) +9.2%, as risk assets on a larger scale caught a bid.
Earlier, bitcoin and ether continue rebound, leading other cryptos higher.
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