Why Coinbase Global Stock Was Up Today
Shares of cryptocurrency exchange Coinbase Global (NASDAQ: COIN) were up on Wednesday, thanks to renewed hopes that speculative investments like cryptocurrency could see improved returns in the coming year. And it's also thanks to a glimpse into Coinbase's potential growth outside of its core business operations. As of 2:45 p.m. ET today, Coinbase stock was up 5%.
The Federal Reserve raised interest rates 0.75% today, giving investors greater hope that the committee is getting inflation under control. The market believes this is good for speculative investments like cryptocurrency, and it seems like Coinbase investors are slightly more optimistic today than yesterday because of this.
Perhaps the bigger thing today for Coinbase was its blog post regarding Coinbase Cloud. Cloud computing allows businesses to tap incredible hardware and software without building out their own infrastructure. And this is what Coinbase is offering in the cryptocurrency space.
Source Fool.com
