Why Coinbase Stock Rebounded Today

Shares of Coinbase Global (NASDAQ: COIN) rallied 16% on Friday after cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) recovered some of their recent losses.

Coinbase's stock price has historically been correlated to large price swings in the crypto market. That proved true again this week when Coinbase's shares were hit hard after the prices of many cryptoassets plunged following the collapse of the popular stablecoin project Terra (CRYPTO: LUNA).

Today, the crypto market is experiencing a bit of a rebound. And Coinbase's stock is rallying alongside it.

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Source Fool.com