Although Coinbase has struggled since going public, analysts continue to be bullish on the stock. Because Coinbase, Silvergate, and CleanSpark are all in the crypto space, they tend to have a correlation with the broader crypto market in terms of price movement.īut there is also other news that may be supporting the rising prices of these stocks. In fact, cryptocurrencies, in general, have traded more in line with tech stocks since last November when the threat of inflation and several rate hikes by the Federal Reserve this year became much more of a reality. Like tech stocks, cryptocurrencies seem to be taking some relief from the news. It's still unclear if a Russian invasion is off the table, but the escalation of tensions between the two countries seemed to arise quickly and catch the broader market off guard. The Associated Press reported this morning that Russian President Vladimir Putin is ready to discuss security proposals with the U.S. So whatĮarlier this morning, news outlets reported that Russia had withdrawn some of its troops from the Ukrainian border, although troops remain and the situation still seems uncertain. ET today, shares of the crypto bank Silvergate Capital ( SI 2.88%) traded nearly 7% higher, and shares of the Bitcoin-mining company CleanSpark ( CLSK 0.55%) traded nearly 14% higher. Shares of the large cryptocurrency exchange Coinbase Global ( COIN -0.55%) traded 5.6% higher as of 11:28 a.m. Cryptocurrencies seemed to be enjoying a nice bump like the rest of the stock market, as tensions between Russia and Ukraine ease, at least for the time being. Shares of several crypto stocks rallied today along with the broader cryptocurrency market.
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