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Coinbase (COIN) stock gains as the Bitcoin rally continues

March 11, 2024 7:41 AM

Coinbase (NASDAQ: COIN) shares rose more than 6% in premarket trading on Monday, reflecting the continued strength of Bitcoin.

The increase has coincided with the BTC/USD rally above the $71,000 mark, marking a new record peak for the cryptocurrency. The price of Bitcoin surged to $71,837. It currently trades at $71,615, reflecting an intraday jump of around 3.75%, highlighting the ongoing bullish momentum in the cryptocurrency market. At the time of writing, Coinbase shares are trading at $274, up 6.77%

The Coinbase share price increase and Bitcoin's record-high rally reflect the renewed investor interest in cryptocurrencies, particularly amid the introduction of spot Bitcoin ETFs in the US.

The rise in the cryptocurrency space on Monday was also helped by the UK's Financial Conduct Authority announcing it will not object to requests from Recognised Investment Exchanges (RIEs) to create a UK-listed market segment for cryptoasset-backed Exchange Traded Notes (cETNs).

Furthermore, the London Stock Exchange said it will accept applications for bitcoin and ether ETNs in the second quarter of this year.

By Sam Boughedda

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