Coinbase Global Stock Spikes After Wild Weekend for Cryptocurrencies

Shares of cryptocurrency brokerage Coinbase Global (NASDAQ: COIN) spiked on Monday after an eventful weekend for cryptocurrencies. Surging volume for popular tokens like Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) led to trading outages for some of Coinbase's competitors, which is good for Coinbase. As of 2:40 p.m. EDT, Coinbase stock was up 11%.

In a much anticipated event, Tesla founder and CEO Elon Musk hosted Saturday Night Live. Musk has been a vocal supporter of Dogecoin in the past, and many believed the televised event could serve as a catalyst for the cryptocurrency to finally reach $1 each. Musk's appearance on SNL didn't cause the cryptocurrency to reach $1, but there was a lot of trading volume surrounding the event. As a result, Coinbase's competitor Robinhood saw its cryptocurrency services briefly go down before being restored early Sunday morning.

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Source Fool.com