Why Coinbase Shares Are Rising Today

Coinbase Global Inc COIN is trading higher Monday following news that competitor Binance has temporarily halted crypto withdrawals, which could possibly cause investors to transition to Coinbase.

Binance announced Monday morning that it temporarily disabled all crypto withdrawals, citing "a large backlog."

We have temporarily disabled all crypto withdrawals on https://t.co/QILSkzx7ac due to a large backlog.

Rest assured our team is working on it with top priority.

Thank you for your patience and apologies for any inconvenience caused.

— Binance (@binance) November 1, 2021

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.

See Also: You Ask, We Analyze: Why Coinbase Stock Looks Set For Continuation

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 up 5.13% at $335.86 at time of publication.

Photo: courtesy of Coinbase.