Coinbase Stock Soars as Crypto Markets Rally, Bitcoin Extends Gains

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Coinbase jumped more than 10% to $53 per share on Tuesday. The prolonged rally in the crypto markets is helping to boost shares on the US crypto exchange. Coinbase cut 20% of its workforce last week, citing “increasingly difficult economic conditions.” LoadingSomething is being loaded.

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Coinbase jumped more than 10% on Tuesday, trading at $53 per share as the broader crypto market enjoys a week-long rally.

The move in Coinbase shares comes as cryptocurrency prices continue to rise. Bitcoin jumped 20% in the past week, according to Messari, while the industry’s market capitalization rebounded to over $1 trillion over the weekend. Bitcoin clinched its highest price since September.

Industry executives say they think market jitters are likely over after the fall of Sam Bankman-Fried’s FTX crypto empire.

“I think we will see less volatility in Bitcoin price over the next 6 months simply because traders are likely scarred by the recent events of the FTX crash,” said Kadan Stadelmann, CTO of the solution provider. Komodo blockchain, to Insider.

The multi-day rally in digital assets is helping to boost Coinbase shares, although shares of the company are still down 75% in the past year.

Coinbase announced its third round of layoffs last week, laying off 20% of its workforce.

In a company blog post, chief executive Brian Armstrong said crypto markets “trend lower along with the broader macro economy” over the past year.

“We have also seen the fallout from unscrupulous industry players, and there could still be further contagion… In the face of increasingly difficult economic conditions, we have made the difficult decision to further reduce the size of our teams to ensure we have the appropriate operational efficiencies to navigate downturns in the crypto market and seize opportunities that may emerge,” Armstrong wrote.

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