The crypto industry’s flagship company is on a roll, benefiting from a sector wide rally that is pushing the price of Bitcoin close to its all-time high. So far this month,Coinbase stock is up around 27% this month, going from $165 to $210.
Coinbase shares serve as a surrogate for the broader crypto market because the stock typically rises alongside Bitcoin prices. Bitcoin rallied 15% after slumping below $60,000 in the first part of “Uptober,” a nickname for the currency’s historically fruitful month. The broader crypto market is up 4% since October 1, according to the Coindesk 20 Index, while the S&P 500 is up 2%.
Coinbase shares have made a comeback this year after reaching an all-time low of $33 at the beginning of 2023. This year’s high of $265 was reached in March around the time Bitcoin hit its all-time high of $73,000. Shares are up 184% since October last year and 30% over the past 30 days. Last month, Coinbase shares jumped almost 7% after the Fed cut interest rates and investors flocked back to crypto.
Bitcoin has risen 9% over the past seven days, alongside other cryptocurrencies including Dogecoin which is up 17%, Solana which is up 8%, and Ethereum which is up 7%.
The latest bull run has resulted in crypto exchanges conducting a flood of liquidations, primarily of short positions. Over the past day, centralized exchanges saw $285 million of liquidations, with $90 million coming from Bitcoin specifically.
Meanwhile, spot Bitcoin exchange-traded funds have seen large inflows this week. BTC ETFs inflows totaled $555 million on Sunday and $371 million on Monday after seeing outflows late last week, according to SoSoValue data. BlackRock and Fidelity saw the largest amount of purchases at $640 million this week.
Bitcoin and the broader crypto market are likely to experience volatility as the presidential election approaches with expectations that prices will spike if Trump looks poised to win.
