Why Bitcoin- And Ethereum-Related Stock Coinbase Is Up Over 30% The Past Week

Coinbase Global Inc COIN shares are trading higher by 7.97% to $61.84 during Friday’s trading session despite a lack of company-specific news. Shares of banks and financial services companies, including Coinbase, are trading higher in recent sessions as stocks rebound amid broader economic concerns as traders assess the possibility of a recession.

Although Coinbase shares were trading lower Wednesday after Atlantic Equities downgraded the stock from Overweight to Neutral and announced a $54 price target, the stock has benefitted over the past week amid a marked rebound in the price of apex cryptocurrency Bitcoin and second-largest market cap cryptocurrency Ethereum.

Bitcoin is trading 13.99% higher over the past week at around $21,990.

Ethereum is trading 15.46% higher over the past week at around $1,240.

See Also: Why Twitter Stock Is Falling Today

Coinbase is the leading cryptocurrency exchange platform in the United States.