Coinbase Stock Surged Over 24% Following Fed Interest Rate Hike

• Coinbase Shares surged by over 24% in just one day.
• Federal judge dismissed a class-action lawsuit against the crypto exchange.

Today the U.S based cryptocurrency exchange Coinbase (COIN) shares soared by more than 24%, despite the Federal Reserve’s most recent hike in interest rates and statements from Fed Chair Jerome Powell about the Fed’s efforts in battling the high rate of inflation. 

Further, on Wednesday, a U.S. judge dismissed the lawsuit filed by its clients. That alleged the cryptocurrency exchange was selling unregistered securities and had not registered as a broker-dealer. It might be another factor for the Coinbase price boost.

Bullish on Crypto

At the start of 2023, the global cryptocurrency market began to recover from the collapse of the crypto exchange FTX. Also, the crypto exchange Coinbase stock surged by more than 123% this year and 46% in a week.

At the time of writing, the centralized crypto exchange stock has hiked to the $81 price range, as per Tradingview. The majority of Coinbase income comes from trading volume. And the U.S. exchange stock value is closely connected to Bitcoin (BTC), which has been rising so far this year. 

On the other hand, Bitcoin price has climbed since the Federal Reserve announced an interest rate hike of 25 basis points. The cryptocurrency king has soared from $23,000 to about $24,000 price range. And the altcoin king, Ethereum (ETH), rose from $1,500 to $1,700 price level. 

According to CoinGecko data, BTC traded at  $23,501, climbing around 42% in a month and 12% in the last 14 days. ETH traded at $1,648, increased by 36% in the preceding month and 7% in the last 14 two weeks.