Coinbase stock rose over $300 in 24 hours with a 17% gain
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Coinbase stock has risen above $300, currently trading at $317. Retail sentiment seems to be entering the crypto market as the Coinbase app ranks at 70 on the Apple App Store.
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Coinbase's stock crossed the $300 mark on Monday, currently trading at $317, following a 17% rise following Donald Trump's presidential election victory, sparking investor optimism around crypto-related companies.
This rise reflects a broader trend, with Bitcoin reaching a record high above $85,000.
MicroStrategy stock is up 17 percent amid a Bitcoin buying frenzy, with the company recently acquiring an additional 27,200 BTC, bringing its total holdings to 279,420 BTC.
Coinbase saw a 243% increase in its stock value last year as the price of Bitcoin rose, trading volume and transaction fees benefiting greatly.
Retail sentiment may be starting to seep into the crypto markets, as reflected in Coinbase's latest app ranking, which now sits at No. 70 on Apple's App Store—a significant milestone as it re-enters the top 100 for the first time since March. Block data.
This upward trend indicates potential investors' interest in buying Coinbase stock, putting it ahead of the full retail flow of the space.
Coinbase's stock is up 72% in the past five days and is up 102% year-to-date.
Political activity is fueling the crypto market in anticipation of favorable policies including Trump's victory, a strategic Bitcoin reserve, and the replacement of SEC Chairman Gary Gensler.
The Republican Senate majority adds to that optimism, as Banking Committee Chairman Tim Scott has unveiled plans to ease regulatory hurdles that could benefit Coinbase and similar platforms.
Coinbase's third quarter results show a strong financial position with good revenue and net income.
Backed by an $8.2 billion balance sheet and a $1 billion share buyback program, Coinbase remains well positioned for growth.
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