Why Cryptocurrency Stocks Shot Higher Today

The share prices of stocks affiliated with cryptocurrencies generally did well on Monday. Two cases in point are crypto exchange operator Coinbase Global (NASDAQ: COIN) and next-generation bank Silvergate Capital (NYSE: SI), which has created a a credit-line product called SEN Leverage whose borrowings are collateralized by Bitcoin (CRYPTO: BTC).

Coinbase closed the day nearly 6% higher, while Silvergate enjoyed a rise of just under 4%.

As is very often the case with cryptocurrency-adjacent stocks, the gains of both Coinbase and Silvergate are directly tied to recent price increases in coins and tokens.

Source Fool.com