Why Shares of Coinbase Are Rising Today

After trading with lots of volatility this week, shares of the large U.S. cryptocurrency exchange Coinbase (NASDAQ: COIN) had risen nearly 9.5% as of 2:23 p.m. ET today for no obvious reason, although there are a few things that could be driving the move.

Coinbase has struggled recently as crypto trading volume, a big driver of revenue on the platform, has slowed this year among a broader decline in crypto prices. But over the last 24 hours, the price of the world's largest cryptocurrency, Bitcoin, is up 4% as of this writing. The price of Ethereum is up nearly 3%.

Trading at less than $68 per share, Coinbase is down more than 80% from when it went public a little more than a year ago.

Source Fool.com