Coinbase’s stock is set for its longest winning streak on record despite battered crypto infrastructure
After a crypto winter that has lasted for months, shares of crypto exchange Coinbase have gotten a break this year — and their rally over the past several days has put the stock on pace for its longest winning streak on record.
Coinbase Global Inc. COIN shares were up 8.1% on Tuesday, trading at around $81.23. The stock has risen for the past seven days and was up around 50% over that time. It began trading in April of 2021. The downfall of rival exchange FTX last year raised questions about fraud, security, regulations and the durability of the crypto infrastructure. That was followed by the implosion earlier this month of crypto-friendly banks Silvergate Capital Corp. SI and Signature Bank of New York.
“The spectacular fallout of [Silicon Valley Bank], the voluntary liquidation of [Silvergate], and the abrupt shutdown of [Signature Bank of New York] have seriously impacted not only the ecosystem of digital assets but also the ecosystem of Silicon Valley,” he said.
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