Why did Coinbase stock boom today? Risk-on mood persists for crypto

Coinbase ( NASDAQ: COIN ) stock spiked 15.8% on Friday as bullish sentiment across the broader cryptocurrency market, along with equities , rumbles on. The upswing was accompanied by a 0.6% increase in the global crypto market cap, standing at $1.06T, according to CoinMarketCap data . Bitcoin ( BTC-USD ) and ethereum ( ETH-USD ), together accounting for a majority of the crypto market cap, drifted up 0.5% to $23.19K and 0.1% to $1.60K, respectively, as of shortly before 5:00 p.m. ET. The crypto exchange's stock was one of the biggest percentage winners intraday among crypto-related stocks, only to be outpaced by Core Scientific ( OTCPK:CORZQ ) +33.3% , Applied Digital ( APLD ) +21.7% and Cipher Mining ( CIFR ) +16.7% . COIN closed Friday's session at $61.37 a share, the highest level since Nov. 1, 2022, just days before onetime rival FTX ( FTT-USD ) imploded. That's despite Coinbase ( COIN ) being fined €3.33M by the central bank of the Netherlands on Thursday for providing crypto services without registering .