Coinbase has seen its stock price shoot up, crossing a significant milestone by going over $250 for the first time in two years. This is a big deal because it means the company’s stock is now trading higher than the price it was set at when it first became a publicly-traded company back in 2021. At the time of writing, Coinbase’s stock is priced at $252.
What’s driving this impressive climb? A lot of it has to do with how well Bitcoin, the most famous cryptocurrency, has been doing. Just recently, Bitcoin’s value briefly hit $70,000, and although it’s come down a bit since then, it’s still hovering around $68,000 at the time of writing. This increase in Bitcoin’s value has had a ripple effect, positively impacting Coinbase’s stock.
But it’s not just Bitcoin that’s giving Coinbase a boost. The introduction of Bitcoin ETFs (Exchange-Traded Funds) has also played a big role. These ETFs make it easier for more people to invest in Bitcoin without having to buy the cryptocurrency directly, and their popularity has been good news for the crypto market overall. This, in turn, has been great for Coinbase, leading to a jump in their revenue towards the end of 2023.
Despite running into some tough times and seeing its stock price drop significantly in the past, Coinbase has made a dramatic comeback. Over the last year, its stock value has skyrocketed by more than 300%, showcasing the company’s resilience and the growing enthusiasm for cryptocurrencies.
The AfroCryptopian 