Coinbase shares rise 27% as Bitcoin surges to $68,000

Coinbase shares have made a bounce back this year after hitting an all-time low of $33 at the beginning of 2023

The crypto industry’s flagship company is on a roll, benefiting from a sector wide rally that is pushing the price of Bitcoin close to its all-time high. So far this month, Coinbase stock is up nearly 27% this month, going from $165 to $210.

Coinbase shares serve as a proxy for the wider crypto market because the stock typically gains alongside Bitcoin prices. Bitcoin rallied 15% after plunging below $60,000 in the first part of “Uptober,” a nickname for the currency’s historically favourable month. The wider crypto market is up 4% since October 1, as per the Coindesk 20 Index, while the S&P 500 is 2% higher.

Coinbase shares have made a bounce back this year after hitting an all-time low of $33 at the beginning of 2023. This year’s high of $265 was hit in March around the time Bitcoin reached its all-time high of $73,000. Shares are 184% higher since October last year and 30% over the past 30 days. Last month, Coinbase shares climbed nearly 7% after the US Federal Reserve cut interest rates and investors flocked back to crypto.

Bitcoin has gained 9% over the last seven days, alongside other crypto currencies including Dogecoin which is up 17%, Solana which is 8% higher, and Ethereum which has added 7%.

The latest bull run has resulted in crypto exchanges conducting a flood of liquidations, primarily of short positions.  Over the past day, centralized exchanges saw $285 million of liquidations, with $90 million coming from Bitcoin specifically.

Meanwhile, spot Bitcoin ETFs have seen large inflows this week. BTC ETFs inflows totalled $555 million on Sunday and $371 million on Monday after seeing outflows late last week, as per SoSoValue data. BlackRock and Fidelity saw the biggest amount of purchases at $640 million this week.