Coinbase (COIN) jumped more than 9% at the opening bell Monday, once again exposing the stock’s correlation to the broader crypto market.

COIN, which is trading at the Nasdaq exchange, ended last week at $53.44, down from $62.77 on Monday, as the crypto market flipped red on the back of the news of Silvergate Bank shutting down operations on March 8.

At the market open, Coinbase joined Bitcoin, posting hefty double-digit gains. COIN is now trading hands at $58.45, per Nasdaq.

COIN’s latest gains also took the shares of America’s largest crypto exchange up 4% over the past month.

Coinbase flips after bearish week

Last week was dominated by the bears, which included Circle’s dollar-pegged stablecoin USDC plummeting 13% following the collapse of the Silicon Valley Bank (SVB) and the closure of the Signature Bank’s operations on Sunday.

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Author: Andrew Asmakov

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