Why Coinbase Stock Is Up on a Dismal Day for Cryptocurrencies
Today, the entire crypto market is in turmoil. Overall, cryptocurrencies have lost 7.3% over the past 24 hours, as of 12:45 p.m. ET. This move comes following yesterday's Fed meeting minutes, which highlighted a faster-than-expected reduction of the Federal Reserve balance sheet and the potential for rate hikes sometime in March. Risk assets have been under pressure for most of the past day, as investors rethink their short-term investing strategies.
With the crypto market now approaching the $2 trillion level, investors may be concerned with any crypto-related investment. However, popular crypto exchange Coinbase (NASDAQ: COIN) has actually inched 0.1% higher as of 12:45 p.m. ET, shrugging off these concerns.
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Source Fool.com
