What's Going On With Coinbase Stock Tuesday?

Coinbase Global, Inc. COIN shares are trading higher Tuesday continuing the stock's upward momentum from the last 30 days.

What To Know:

Shares of Coinbase are trading 10% higher on Tuesday with the company's stock price rising more than 65% over the last 30 days.

On Monday, JMP Securities analyst Devin Ryan reiterated coverage on Coinbase with a Market Outperform rating and maintained the $90 price target for COIN.

The larger crypto market has recently surged with the price of Bitcoin BTC/USD surpassing the $31,000 mark and finding a new support level around $30,000.

In early July, BlackRock submitted an amended application to the SEC for a spot Bitcoin ETF that includes custodial and market surveillance agreements with Coinbase Global.

According to data from Benzinga Pro, more than 21 million shares of COIN have been traded on Tuesday surpassing the 100-day average of 15.18 million shares.  COIN also has considerable interest from short sellers with 22.88% of available shares currently being sold short.

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COIN Price Action: According to Benzinga Pro, Coinbase shares are trading 11.7% higher at $90.69 at the time of publication.

Image: Courtesy of Coinbase Global, Inc.