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Coinbase shares have rallied in recent weeks amid positive news for the cryptocurrency industry
Coinbase (COIN) was the best-performing stock on the S&P 500 Tuesday as the cryptocurrency trading platform added to its recent rally.
Shares have rallied over the last week after the Senate passed the GENIUS Act, which would allow stablecoins to be used more widely. Late Monday, Cathie Wood’s firm Ark Invest said a pair of its funds had bought nearly 4,200 combined shares of Coinbase, and Benchmark analysts reportedly boosted their price target on the stock to $421 from $301.
Bitcoin (BTCUSD) and most major cryptocurrencies are rebounding Tuesday after having dipped when the U.S. launched an attack on nuclear facilities in Iran over the weekend. Some other crypto-adjacent stocks like trading platform Robinhood (HOOD) were also higher on Tuesday.
Coinbase shares recently were up 11% at about $341 after having touched an intraday high of $344.94 earlier in the session, their highest point since hitting $349.75 on Dec. 6. The stock has added about a third of its value over the past five sessions.
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