© Investing.com Coinbase (COIN) Stock Rises as Bitcoin Rally Continues
Shares of Coinbase (NASDAQ 🙂 rose more than 6% in premarket trading on Monday, reflecting Bitcoin's continued strength.
The rise has coincided with the rally above the $71,000 mark, marking a new record high for the cryptocurrency. Bitcoin price rose to $71,837. It is currently trading at $71,615, reflecting an intraday jump of around 3.75%, highlighting the current bullish momentum in the cryptocurrency market. At the time of writing, Coinbase shares are trading at $274, up 6.77%.
Coinbase's share price rise and Bitcoin's record rally reflect renewed investor interest in cryptocurrencies, particularly amid the introduction of spot Bitcoin ETFs in the United States.
The rise in the cryptocurrency space on Monday was also helped by the UK Financial Conduct Authority's announcement that it will not oppose applications from Recognized Investment Exchanges (RIEs) to create a listed market segment in the UK for Exchange Traded Notes (cETN) backed by cryptoassets.
Additionally, the London Stock Exchange said it will accept applications for bitcoin and ether ETNs in the second quarter of this year.
