Major players in the cryptocurrency industry are doing well, benefiting from a sector-wide rally that has pushed Bitcoin prices near all-time highs. So far this month, Coinbase stock is up about 27%, rising from $165 to $210.
Coinbase stock typically rises with the Bitcoin price, so it serves as a proxy for the broader cryptocurrency market. Bitcoin rose 15% after falling below $60,000 during the first half of the “Uptober” period, nicknamed for Bitcoin's historically fruitful months. The overall crypto market is up 4% since October 1, while the S&P 500 is up 2%, according to the Coindesk 20 Index.
Coinbase stock hit an all-time low of $33 in early 2023 before rebounding this year. This year's high of $265 was reached around March, when Bitcoin hit an all-time high of $73,000. The stock is up 184% since October of last year and 30% in the past 30 days. Coinbase stock rose about 7% last month after the Federal Reserve cut interest rates and investors flocked to cryptocurrencies.
Bitcoin has risen 9% over the past seven days, while other cryptocurrencies such as Dogecoin (up 17%), Solana (up 8%) and Ethereum (up 7%) have also risen.
The recent bull market has resulted in crypto exchanges largely liquidating short positions. In the past day, centralized exchanges have seen $285 million in liquidations, of which $90 million specifically came from Bitcoin.
Meanwhile, Spot Bitcoin exchange-traded funds have seen large inflows this week. BTC ETF inflows totaled $555 million on Sunday and reached $371 million on Monday after outflows late last week, according to SoSoValue data. This week, BlackRock and Fidelity made the most expensive acquisitions at $640 million.
Bitcoin and the broader crypto market are likely to experience volatility as the presidential election approaches and expectations that prices will soar if Trump appears poised to win.
