Shares of Coinbase Global Inc (NASDAQ:COIN) and MicroStrategy Inc (NASDAQ:MSTR) are moving higher Monday amid strength in the price of Bitcoin.
What To Know: Bitcoin surged on the back of increased demand following the approval of spot bitcoin ETFs in January, but the ETFs experienced heavy outflows last week and several crypto-related stocks sold off before bouncing back following dovish comments from the Federal Reserve.
Bitcoin continued to trade higher over the weekend and was up approximately 2% over a 24-hour period, hovering around $66,950 at last check.
As a crypto exchange, Coinbase benefits from volatility in crypto as increased price movement often leads to more trading activity on the platform. Coinbase reported strong fourth-quarter financial results last month as transaction revenues jumped 83% ...