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Coinbase (NASDAQ:COIN) stock gapped up 7% in Monday mid-afternoon trading as bitcoin (BTC-USD) broke out of a key technical level.
Shares of the cryptocurrency exchange were one of many crypto-linked stocks that advanced (at 3:31 p.m. ET), such as MicroStrategy (MSTR) +5%, Riot Platforms (RIOT) +7.6% and Bakkt (BKKT) +7.5%.
The move comes as bitcoin (BTC-USD) surpassed the $37K mark and eyed ~$37.9K technical resistance. The strength in the price of bitcoin comes amid pro-bitcoin candidate Javier Milei’s victory of the presidential election in Argentina.
Year-to-date, COIN surged about 215%, easily outpacing BTC’s ~125% jump. The SA Quant system rating and the average sell-side analyst rating each gave COIN a Hold recommendation.