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Why Coinbase Stock Rose Monday

TheMotleyFool

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Shares of cryptocurrency exchange Coinbase Global (NASDAQ: COIN) were surging Monday morning as the prices of Bitcoin (CRYPTO: BTC) and other cryptocurrencies are rising. Coinbase stock jumped almost 4% early Monday, and remained up 2.8% as of 10:25 a.m. EDT.

Coinbase itself has helped the price of Bitcoin rise to its highest level in over three months, above $50,000 per token. That, in turn, seems to be feeding the positive move in shares of Coinbase. The exchange announced last week through a statement on Twitter that its board of directors has approved adding $500 million in cryptocurrencies to its balance sheet.

Image source: Getty Images.

Source Fool.com

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