Coinbase stock rallies to highest level since August 2022

Coinbase Global ( NASDAQ: COIN ) shares shot up as much as 13% on Tuesday, touching its highest level since mid-August 2022, as bitcoin's ( BTC-USD ) rally prompted some cryptocurrency-linked stocks to drive higher. Bitcoin ( BTC-USD ) advanced 1.1% to $30.6K on continued hopes that the Securities and Exchange Commission will finally approve the first U.S. spot bitcoin exchange-traded fund. Overall, the global crypto market cap edged up 0.8% to $1.19T, according to CoinMarketCap data . Since COIN is seen as a high-beta version of BTC, it comes as no surprise that the former surged 165% year-to-date, compared with the latter's 84% jump. That's despite the company's legal troubles, among other headwinds. Nonetheless, with the spot BTC ETF craze in full swing, the crypto platform's stock is on track for a third straight day of gains. A number of re-filings for such a product from prominent money managers like BlackRock ( BLK ) and Fidelity Investments had named Coinbase ( COIN ) as a surveillance partner. Other crypto-related stocks on the rise include: BIT Mining ( BTCM ) +16.4% , Core Scientific ( OTCPK:CORZQ ) +15.3% , Soluna Holdings ( SLNH ) +6.3% , Robinhood Markets ( HOOD ) +6.3% and TeraWulf ( WULF ) +4.6% . More on Coinbase Global: Coinbase cut to Neutral at Piper on Valuation, 'too much uncertainty' Coinbase: An Anti-Cyclical Bet On The Crypto Market