Amid an impressive rally in the cryptocurrency market, one would expect to see shares of Coinbase (NASDAQ: COIN) move higher. However, today's impressive 9.2% move in Coinbase stock as of 1 p.m. ET suggests there's more to the story than token price appreciation.
That's because most major stocks are trending lower today following a lifeline being handed to First Republic Bank yesterday by a consortium of large U.S. banks. The move was coordinated by regulators looking to stem contagion fears in the banking sector.
In addition to surging token prices, Coinbase has seen significant buying pressure as it ramps up its rhetoric against the SEC's calls for compliance. In reference to SEC Commissioner Gary Gensler's demands that crypto exchanges register with the Securities and Exchange Commission, the company's chief policy officer recently said in an interview that "there's just no way to do it."
Source Fool.com