Coinbase soars 10% as crypto markets rally and bitcoin notches highest price since September

Coinbase gained more than 10% Tuesday and traded at $53 per share. This comes as the wider crypto market continues its week-long rally.

As cryptocurrency prices continue to rise, Coinbase stock’s move comes as a result. According to Messari, Bitcoin prices have risen 20% over the past week. Meanwhile, the market cap for the sector climbed to more than $1 trillion this weekend. Bitcoin reached its highest price since September.

According to industry executives, market jitters will soon be over following the collapse of Sam Bankman Fried’s crypto empire FTX.

Kadan Stadelmann (chief technology officer at Komodo), stated that he believes there will be less volatility in Bitcoin prices over the next six months because traders are likely to be scarred by recent events like the FTX crash.

Coinbase stock is seeing a multi-day rally of digital assets, but shares are still down 75% over the past year.

Last week, Coinbase announced its third round in layoffs, cutting 20% from its workforce.

Brian Armstong, chief executive of the company, stated in a blog post that crypto markets had ‘trended down along with the wider macroeconomy’ over the past year.

“We also witnessed the fallout of unscrupulous players in the industry, and there could still have been further contagion.” Armstrong explained that in the face of ever-changing economic conditions, Armstrong made the difficult decision of reducing the size of his teams to make sure he had the operational efficiency needed to weather downturns and capitalize on any opportunities.