Why Coinbase Shares Are Rising Today

Coinbase Global Inc COIN is trading higher Tuesday amid an increase in the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Bitcoin and Ethereum are on the move following positive commentary from Bank of America analysts and the anticipated regulation of crypto in Brazil.

Bank of America said that cryptocurrency is too large to ignore and pointed to potential investment opportunities in the space. Bank of America believes regulation could be positive for crypto in the long-term. 

Brazil is set to vote on a cryptocurrency regulation bill this week that could make Bitcoin legal tender in the South American country. 

Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy.

COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 since its direct listing on April 14.

The stock was trading about 2.76% higher at $235.79 per share at time of publication.