Markets
Coinbase Stock Is Rising: What’s Happening? – Coinbase Glb (NASDAQ:COIN)
June 4, 2024 2:19 pm | 2 minutes reading
Coinbase Global Inc. (NASDAQ:COIN) shares are rising on Tuesday afternoon, coinciding with the upward movement in the price of Bitcoin (CRYPTO: Bitcoin). Here’s a look what is happening.
What to know: Bitcoin, the largest cryptocurrency by market value, has risen approximately 2% in the last 24 hours and is currently hovering around $70,500. Bitcoin is now up more than 4.25% in the past week, according to Benzinga Pro.
Positive momentum in crypto markets may be spurring some buying of crypto-related stocks, including Coinbase, which was up about 6% at last check. Coinbase operates the leading cryptocurrency exchange platform in the United States and tends to benefit from volatility in cryptocurrency prices.
Part of Bitcoin’s Rise May Be Due to Continuation inflows into Bitcoin spot ETFs. On Monday, Bitcoin spot ETFs recorded a net inflow of $105 million, marking 15 consecutive days of positive inflows and bringing total net inflows for the period to over $2.28 billion.
Related link: Spot Bitcoin ETFs on 15-Day Inflow Streak as Wisconsin Begins Buying Bitcoin
How to buy COIN shares
In addition to going to a brokerage platform to purchase a share – or fractional share – of a share, you can also access shares by purchasing an exchange-traded fund (ETF) that holds the share itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares of a mutual fund or other instrument.
For example, in the case of Coinbase, it is in the Financial sector. An ETF will likely hold shares of many large, liquid companies that help track that sector, allowing an investor to gain exposure to trends in that segment.
COIN Price Action: Coinbase shares are up 6.11% to $245.51 at the time of writing, according to Benzinga Pro.
See too: Bitcoin will reach half the market value of gold, predicts VanEck CEO
Photo via Shutterstock.
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