Coinbase rises 9% on back of cryptocurrencies’ rally

Shares of Coinbase closed up 9% on Monday as cryptocurrencies like bitcoin and ether began the week rallying. Bitcoin was trading at $22,269, up around 6%, according to Coinbase data. Ethereum also jumped unevenly 10%, trading at $1,478.

Tech stocks have been performing very well since Monday morning, moving up more than 1%, according to Nasdaq’s technology sector index, as investors bet that the Federal Reserve will be less aggressive against inflation than feared.


Ethereum comprises roughly 30% of Coinbase’s trading volume, while Bitcoin amounts to about 21%. Tech stocks are largely in the green territory on Monday. That may give Coinbase shares some extra momentum. The company’s stock is down 76% for the year and is off about 83% from its 52-week high on Nov. 9, 2021.

Coinbase’s surge comes came after an internal email from the company last month said the company is laying off 18% of its employees.