Why Bitcoin, Ethereum, and Coinbase Jumped Today
The crypto rally continues to have legs and it helps that investors are pouring back into risk assets again. It certainly helps that the Nasdaq Composite is up 1.9% in early afternoon trading, but crypto is up significantly more than that.
As of noon ET, Bitcoin (CRYPTO: BTC) is up 6.1% in the last 24 hours and Ethereum (CRYPTO: ETH) is up 5.1%. Coinbase (NASDAQ: COIN) jumped as much as 16.3% and is currently up 15.1% in trading.
The most significant news today is about Coinbase, which put out a blog post that said the company doesn't have any financial exposure to bankrupt crypto firms Celsius, Three Arrows Capital, and Voyager. Management also said that it had no losses from its financing book, no exposure to client or counterparty insolvencies, no loan recalls or withdrawals, and no changes to access to credit.
Source Fool.com
