What's Going On With Coinbase Stock As Bitcoin Rallies Above $66K?

Coinbase Global, Inc. COIN shares are trading higher Monday amid a rise in the price of Bitcoin. Here's a look at what to know.

What To Know:

The Bitcoin rally picked up steam over the weekend, and the cryptocurrency is currently trading above the $66,000 mark. 

Last Wednesday, Coinbase's trading platform experienced a major outage amid increased traffic as Bitcoin hit $64,000. The outage lasted for several hours and many users reported incorrect balances of $0. 

“Due to increased traffic, some customers may still see errors in login, sends, receives and with some payment methods. Rest assured your funds are safe,” Coinbase said on its status page.

Coinbase CEO Brian Armstrong said that although the platform had prepared for a surge of user traffic, the traffic has exceeded the company's expectations.  

Related News: What’s Going On With MicroStrategy Stock As Bitcoin Soars?

How To Buy COIN Stock:

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Coinbase Global’s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

COIN Price Action: According to Benzinga Pro, Coinbase shares are up 6.68% at $219.53 at the time of publication.

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