The price of Coinbase’s shares headed north shortly after the company revealed it will launch a nationwide pro-cryptocurrency campaign called Crypto435.
COIN jumped by 10% during yesterday’s trading session, tapping a multi-week high above $65.
- The leading US-based exchange – Coinbase – disclosed on February 28 that the main goal of its policy will be to expand crypto-advocacy across American residents and influence politicians to have a friendly view of the industry.
- Crypto435 will also outline the benefits of the blockchain sector and aim to shrink the skepticism reigning after the collapse of FTX and the multiple catastrophic events in 2022.
“The crypto community has reached an important moment. Decisions being made by legislators and regulators in DC and around the country will impact the future of how we can build, buy, sell, and use crypto,” the platform stated.
- The announced initiative could be one factor behind COIN’s daily price surge. The stocks climbed to $66.70 during yesterday’s trading session (a 13-day high) but closed the day at $64.80.
- The prolonged bear market in 2022 severely harmed Coinbase, which had to dismiss some of its workers last summer.
- The platform doubled down in January this year, trimming the size of its team by 950 people to cut some costs amid the broader economic downturn.
- Nonetheless, COIN (similar to most digital currencies, including bitcoin) has shown an impressive comeback since the start of 2023, rising by approximately 85%.
- Upon entering Nasdaq in April 2021, shares circulated over $380.