After making small gains throughout the week, shares of Coinbase, one of the largest cryptocurrency exchanges, jumped by almost 7% on the heels of a significant rate cut by the Federal Reserve. The company’s shares peaked at $174 mid-day Thursday before paring gains and closing at $168. The share price of Coinbase has long served as a proxy of sorts for the broader cryptocurrency market as it typically rises alongside the price of Bitcoin. The stock has also fared better during times of increased appetite for risk among investors, including this week following the Fed cuts.
The recent climb in the share price of Coinbase represents a significant comeback since last September when the stock dropped as low as $76 in the lead up to crypto fraudster Sam Bankman-Fried’s criminal trial.
