Shares Of The Coinbase Exchange Rose By 31% In A Day

Cryptocurrency and traditional stock market analysts noted that the share price of the Coinbase (COIN) trading platform soared by 31% per day as of August 4, 2022. They noted that this was the result of a partnership with BlackRock.

Representatives of an international investment company headquartered in New York signed a formal agreement with the head of the crypto exchange, Sam Bankman-Freed. The organizations will develop a program to accelerate the mass adoption of cryptocurrencies worldwide.

Bidders noted that Coinbase Global (COIN) shares opened the day on August 4, 2022, with a rise in quotes of more than 31%. They were selling for $106. However, after some time, the process was briefly suspended to ensure the honesty of operations on the Nasdaq due to high volatility. According to the last hour, COIN was trading at $97.3, which is 20% higher than the previous day.

Experts recalled: that the value of shares of the Coinbase platform has fallen by more than 60% since January of this year, following the international fall of the entire cryptocurrency market and the beginning of a bearish trend. The course suffered even more at the end of June, when the Binance.US exchange launched Bitcoin (BTC) trading with zero commission.

Coinbase prices bounced back slightly in early August, after Robinhood reported its earnings in a quarterly report, mentioning ownership of marketplace securities.