Why Bitcoin-, Ethereum- And Dogecoin-Related Stock Coinbase Is Exploding Higher Today

Coinbase Global Inc COIN shares are trading higher by 18.65% to $77.95 Thursday. Shares of crypto-related stocks are trading higher amid a rise in the price of Bitcoin BTC/USD and Ethereum ETH/USD following the Federal Reserve's decision to raise rates by 25 basis points.

  • Bitcoin is trading higher by 42.26% to the $23,700-level over the past month
  • Ethereum is trading higher by 37.56% to the $1,600-level over the past month

What Happened With This Week's FOMC Meeting?

Wednesday's 0.25% rate hike brings the target fed funds rate to a new range between 4.5% and 4.75%, the highest levels seen since before the 2008 financial crisis.

The move was in line with average economist expectations and comes in the wake of a downshift from the Fed in December. At its last meeting, the central bank opted for a 0.5% hike, which was preceded by four straight 0.75% rate hikes...Read More

According to data from Benzinga Pro, COIN has a 52-week high of $217.49 and a 52-week low of $31.55.

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