Why did Coinbase shares rise today? Bitcoin withholds profits (NASDAQ: COIN)

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Shares of the cryptocurrency exchange Coinbase Global (NASDAQ:COIN) + 12.3% jumped on Tuesday as bitcoin (BTC-USD) and many basic digital tokens are recovered from the wider sale over the long weekend.

bitcoin (BTC-USD), in particular, rides almost 2% up to $ 20.7 000 shortly before 17:00 ET. On the other hand, ethereum (ETH-USD), the largest altcoin by market capitalization, is declining 0.1% to $ 1.11K, after previously reaching $ 1.18K.

With bitcoin (BTC-USD) still around 65% since its peak in November, it is not surprising that Coinbase (COIN) stocks are also dived approximately 75% from its peak in November. Coinbase’s deeper decline than Bitcoin suggests that the exchange acts as a proxy for bitcoin. See why SA associate The value pendulum believes that Coinbase’s shares may eventually recover.

Pay attention to SA Quantitative rating in mid-May warned investors that Coinbase (COIN) stocks are at high risk of poor performance due to negative revisions of EPS as well as declining growth.

A colossal number of crypto-focused companies ended 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 (COM)REBELLION) + 9.5% and Marathon Digital (MARA) + 9.2%as risky assets on a larger scale caught offer.

Earlier, bitcoin and ether continued to recover, leading other cryptocurrencies higher.

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