Coinbase Global Inc COIN shares surged higher Tuesday as cryptocurrency-related stocks rebounded following recent weakness.
The crypto market traded lower last week following a technical breakdown of Bitcoin BTC/USD around the 20,000 level. The decline in crypto markets accelerated after Bitcoin fell through support. Cryptocurrencies also faced selling pressure amid a selloff in broader risk assets as traditional markets continued to trend lower, closing out the worst first half of the year since 1970.
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The overall markets bounced back on Tuesday. Growth stocks led the rally amid a drop in yields. Lower rates increase the present value of future cash flows, which can positively impact the valuations of growth stocks. The 10-Year Treasury yield was hovering around 2.83% at press time.
Bitcoin also staged a reversal today, which helped lift crypto-related stocks. The world’s oldest cryptocurrency was up 3.44% over a 24-hour period at press time.
COIN Price Action: Coinbase has traded between $368.90 and $40.83 over a 52-week period.
The stock closed up 13% on Tuesday at $55.41.
Photo: courtesy of Coinbase.
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