Why Crypto-Related Stock Coinbase Is Surging

Shares of crypto-related stocks, including Coinbase Global, Inc. COIN, are trading higher in sympathy with the price of Bitcoin BTC/USD and Ethereum ETH/USD.

Over this past weekend, the price of Bitcoin dropped to a new 52-week low of $17,708 before bouncing back to the $21,400 level. Meanwhile, Ethereum dropped to a new 52-week low of $896 during this same period before rebounding back to the $1,100 level.

Also Check Out: Bitcoin, Ethereum, Dogecoin Rebound After Weekend Bloodbath: Why This Trader Sees Crypto Plunging 25% More

At the time of publication, Bitcoin was trading about 4.5% higher at $21,449 and Ethereum was trading about 4.6% higher at $1,169. 

Coinbase is the leading cryptocurrency exchange platform in the United States. 
 

COIN Price Action: At the time of publication, Coinbase shares were trading about 15% higher at $58.90 per share.

The stock has a 52-week high of $368.90 and a 52-week low of $40.83, according to data from Benzinga Pro.