Coinbase Shares Rally as Bitcoin and the Broader Crypto Market Recover
- DDDOriginal
- 2024-10-17 06:12:21969browse
Coinbase shares serve as a surrogate for the broader crypto market because the stock typically rises alongside Bitcoin prices.
Coinbase (NASDAQ:COIN) shares serve as a proxy for the broader crypto market as the stock tends to rally in tandem with Bitcoin prices. Bitcoin has rallied 15% after clocking a跌幅 to the low $60,000s in the first half of “Uptober,” a nickname for the currency’s historically strong month. The broader crypto market has clocked a 4% gain since October 1, as per the Coindesk 20 Index, while the S&P 500 is up 2%.
Coinbase shares have clocked a strong recovery this year after clocking an all-time low of $33 at the start of 2023. This year's high of $265 was hit in March around the time Bitcoin clocked its all-time high of $73,000. Shares are now up 184% since last October and 30% over the past 30 days. Last month, Coinbase shares rose nearly 7% as the Fed cut rates and investors piled back into crypto.
Bitcoin has risen 9% over the past seven days, joined by other major cryptocurrencies including Dogecoin which is up 17%, Solana which is up 8%, and Ethereum which is up 7%.
The recent bull run has seen a flood of liquidations on crypto exchanges, largely on short positions. Over the past day, centralized exchanges saw $285 million in total liquidations, of which $90 million came from Bitcoin specifically.
Elsewhere, spot Bitcoin exchange-traded funds saw massive inflows this week. BTC ETFs clocked inflows of $555 million on Sunday and $371 million on Monday after seeing outflows late last week, according to SoSoValue data. BlackRock and Fidelity saw the largest buying activity at $640 million this week.
Bitcoin and the broader crypto market are likely to see volatility in the lead-up to the presidential election, with expectations that prices will spike if Trump looks poised to win.
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