Coinbase shares, bitcoin and cryptocurrency stock market soared after FTX filed for bankruptcy.
Rival Cryptocurrency Exchange Coinbase Rises After FTX’s Bankruptcy Announcement
The stock rose as much as 10% from the opening to $56.64, according to TradingView.
On Friday, the S&P 500 opened 0.46% and the Nasdaq 0.88%. Cathie Wood’s Ark Invest added over $32 million in Coinbase shares to three different ETFs this week.
FTX filed for Chapter 11 bankruptcy today, along with more than 100 corporate entities affiliated with the exchange, including Alameda Research and FTX US.
Stocks have been brisk since Thursday’s positive US inflation report. October inflation was 7.7%, below the forecasts of 8%. The S&P 500 rallied 5.5% yesterday, its biggest single-day rally since 2020, while the Nasdaq jumped 7.4%.
Coinbase CEO Brian Armstrong confirmed in an interview with CNBC on Thursday that Bankman-Fried reached out to raise money.
“I quickly realized that this is not the kind of asset we would invest in, as it really is such a sunken asset, fraudulent or misrepresented to customers or investors,” Armstrong said. said.
“I was basically reading the air in the room and felt that there was a pretty bad situation we wanted to stay away from.” he added.
*Not investment advice.
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