BTC - Why Coinbase and Crypto Jumped on Tuesday
The crypto market turned positive on Tuesday as investors poured back into riskier assets. Earnings were relatively positive on Monday after the market close and Tuesday morning and that is pushing riskier assets higher today.
Coinbase Global (NASDAQ: COIN) was a big mover, jumping as much as 11% and trading 10.6% higher at 1:30 p.m. ET. After volatile trading in the last 24 hours, Bitcoin (CRYPTO: BTC) is up 2.7% since the stock market opened, Ethereum (CRYPTO: ETH) jumped 7.6%, and Solana (CRYPTO: SOL) was up 6.6%.
The biggest news in crypto was the $200 million hack of the Nomad bridge, which is a cross-chain bridge that allows users to send crypto to different blockchains. Bridges have been a weak point for crypto and over the course of a few hours there was a free-for-all attack on the bridge by multiple users.
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Why Coinbase and Crypto Jumped on Tuesday