(Bloomberg) -- Coinbase Global Inc. rose for the seventh consecutive session on Tuesday, the cryptocurrency exchange’s longest streak of gains ever as Bitcoin climbed to its highest since June.
Shares rose 12% to hit their highest since August, bringing their seven-day rally to 57%. The California-based exchange is now trading at $84 a share, up 137% from the start of 2023. The stock has been buoyed by the rapidly rising price of Bitcoin, which broke the $28,000 level this month after trading below $16,000 as recently as November.
Despite recent gains, the crypto platform is down 53% from this period last year, after facing industrywide contagion fears from the downfall of FTX and steep regulatory pressures. The so-called crypto winter has cut the price of Bitcoin by more than 60%. Bitcoin had been trading below $25,000 for nine months before it broke out last week.
The rise in Bitcoin’s price has fueled a broader rally in crypto-exposed stocks Tuesday, with Cipher Mining up 17%, Marathan Digital Holdings rising 13% and Bit Digital gaining 11%.
The rebound in these stocks is related to the historic downturn we’re seeing in the banking sector, as “worries drive some into alternative investments away from traditional financing,” said Ed Moya, senior market analyst at Oanda.
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