Benzinga - Coinbase Global, Inc. (NASDAQ: COIN) shares are trading higher Friday on continued upward momentum. The stock has gained nearly 15% over the last five days and 35% over the last month.
What To Know:
Crypto markets have been gaining amid recent catalysts including penalties against Binance, the guilty plea and resignation of Binance CEO Changpeng Zhao and the expectation of a possible approval of a spot Bitcoin ETF.
After the news of Binance's settlement with the DOJ, including a $1.8 billion fine and a forfeiture order to pay an additional $2.5 billion, Coinbase CEO Brian Armstrong stated, "It's more difficult and expensive to take a compliant approach. You can't launch every product that customers want when it’s illegal."
"Today's news reinforces that doing it the hard way was the right decision. We now have an opportunity to start a new chapter for this industry."
Coinbase has grabbed the interest of short-sellers with 14.14% of available COIN shares being sold short, according to data from Benzinga Pro.
Coinbase Global shares are trading above the stock's 50-day moving average of $81.51 and near its 52-week high of $114.43, according to Benzinga Pro.
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COIN Price Action: According to Benzinga Pro, Coinbase Global shares are up 2.9% at $112.47 at the time of publication.
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