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The Surge of Coinbase Stock Alongside Bitcoin
As Bitcoin surges back above $70,000 per coin, another crypto investment is roaring alongside it: Coinbase stock. The publicly-traded exchange’s shares (COIN:NASDAQ) are currently trading at $279.65, marking the highest price since November 2021 during the last crypto bull run.
Over the past month, data from Nasdaq shows that the company’s stock price has jumped by an impressive 44%. Looking back further, the results are even more remarkable, with COIN seeing a 346% increase over the past year.
Coinbase’s Journey and Recent Success
San Francisco-based Coinbase went public in April 2021, debuting at $381 per share. Following the crypto bear market in 2022, its stock mostly traded below $200. However, the company, known as America’s largest crypto exchange, has seen a significant turnaround.
Last month, Coinbase released its Q4 2023 financial results, reporting a profit of $273.4 million. The company offers custody and other services to nearly all spot Bitcoin issuers, including financial heavyweight BlackRock. Additionally, Coinbase recently announced the private sale of $1 billion in convertible senior notes for institutional investors.
Market Trends and Future Outlook
Positive developments in the crypto market typically bode well for Coinbase, although surges in activity have occasionally led to system outages as the exchange works to maintain operational stability.
Bitcoin’s current price sits at $70,631 and has seen an almost 8% increase in the last 24 hours. On March 14, the leading digital currency reached a new all-time high of $73,737, marking a 60% rise since the beginning of the year when it traded below $45,000 per coin.
Overall, the surge in Bitcoin’s price alongside the recent success of Coinbase stock underscores the ongoing growth and resilience of the crypto market, offering investors opportunities for significant returns amidst a volatile but potentially rewarding landscape.
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