Why Coinbase Stock Popped 13% Today
Shares of cryptocurrency company Coinbase Global (NASDAQ: COIN) jumped as much as 13.8% in trading on Tuesday and closed up 13% for the day.
As crazy as it sounds, there may be more stability in the crypto market today than there's been in the last few weeks. Celsius, which is under financial stress, paid back $161 million in debt to lending protocol Maker over the last three days, although it still owes at least $300 million to other lenders.
Cryptocurrency lender Nexo signed a term sheet to acquire Vauld, which would be another potential bailout of a troubled firm. Three Arrows Capital, which was once one of the largest hedge funds in crypto, didn't reach the same outcome and has now filed for bankruptcy in New York as well as being ordered to liquidate in the British Virgin Islands.
Source Fool.com
