Bitcoin BTCUSD –4.38% rally this year hasn’t just fueled a record rise in the shares of Coinbase Global COIN –8.02% but has apparently reignited Americans’ interest in digital assets—boding well for the cryptocurrency broker’s revenue.
Cryptos have soared to start 2023, with Bitcoin this week rising above $28,000, its highest levels since last summer, when the digital asset bear market accelerated into a big slide that saw prices end 2022 around $16,500.
These gains have been driven by shifting investor sentiment, with some market participants betting that cryptos have bottomed out and others buying in as they become more comfortable with the technology.