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Coinbase Shares Soar as Crypto-Related Stocks Continue Post-Fed Rally

Shares of crypto exchange Coinbase (COIN) jumped more than 20% on Thursday after the Federal Reserve’s latest interest rate hike and Fed Chair Jerome Powell noted progress in disinflation.

The U.S.-based exchange also won a dismissal on Wednesday of a proposed class action suit by customers who claimed Coinbase sold them unregistered securities, which added to Coinbase’s rally.

The company’s stock is up more than 100% this year as the crypto industry started recovering from the FTX collapse. Because Coinbase makes most of its revenue from trading volume, its stock price is highly correlated with bitcoin (BTC) which has been rallying so far this year.

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