Why Coinbase Stock Is Climbing Higher Today

Coinbase Global Inc COIN shares are trading higher Tuesday after Bitcoin BTC/USD crossed above the $30,000 level. 

What Happened: Bitcoin broke through the $30,000 mark for the first time since June 2022. 

The world's largest cryptocurrency by market cap was last up 6.43% over a 24-hour period at $30,258 adding to strong gains in 2023. $28,200 marked a technical resistance point and some Bitcoin bulls are now calling for a continued move to the $36,000 level.

Bitcoin is now up more than 80% year-to-date and approximately 22% in just the last month, but it's still down more than 20% over the last year. 

Several other cryptocurrencies are moving with it including Ethereum ETH/USD, which was up 3.06% over a 24-hour period at $1,918.10 and Dogecoin DOGE/USD, which was up 2.39% at $0.08508 at the time of publication.

In other news, the senior director of product management at Coinbase Vishal Gupta, is leaving the company to work on another project in the crypto space, per Bloomberg. 

Related Link: Coinbase Product Chief Quits To Work On Secretive Crypto Project

Coinbase is a provider of end-to-end financial infrastructure and technology for the crypto economy and it's the leading exchange platform in the United States. The company has been up against increased regulatory scrutiny in recent months. 

COIN Price Action: Coinbase has a 52-week high of $165.72 and a 52-week low of $31.55, according to Benzinga Pro.

Coinbase shares were up 7.26% at $70.93 at the time of writing. 

Photo: courtesy of Coinbase.