New 52-Week High: What's Going On With Coinbase Global Stock?

Coinbase Global, Inc. COIN shares are trading higher Monday, and the stock marked a new 52-week high of $120.34.

What To Know:

Several recent catalysts in the cryptocurrency sector are contributing to Coinbase Global's climb of more than 70% over the past month.

Bitcoin BTC/USD reached a new 52-week high price of $38,392.79 last Friday after the DOJ announced a settlement with Binance which included a $1.8 billion fine and a forfeiture order for an additional $2.5 billion and the guilty plea and resignation of Binance CEO Changpeng Zhao.

Argentina elected a libertarian and pro-cryptocurrency president, Javier Milei, and investors are also anticipating the possible approval of BlackRock's spot Bitcoin ETF.

Coinbase shares are climbing on heavy trading volume Monday with more than 9.126 million shares already traded in the session. This surpasses the stock's 100-day average volume of 8.412 million shares, according to data from Benzinga Pro.

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COIN Price Action: According to Benzinga Pro, Coinbase shares are up 4% at $120.25 at the time of publication.

Image: Pete Linforth from Pixabay