Coinbase pops 17% as cryptocurrencies like bitcoin and ether rally
Summary
Monitors display Coinbase signage during the companys initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021. Ethereum comprises roughly 30% of Coinbases trading volume, while Bitcoin amounts to about 21%, according to CoinMarketCap data. Tech stocks are largely in the green on Monday, as investors appear to bet that the Federal Reserve will be less aggressive against inflation than feared. CEO Brian Armstrong also warned last quarter that the company grew "too quickly" during a bull market and called out the need to manage Coinbases burn rate and increase efficiency. "While its hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment."