Bitcoin rally this year hasn't just fueled a record rise in the shares of Coinbase Global 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 expectations over the future of U.S. monetary policy, with traders expecting the Federal Reserve to ease off painful interest-rate hikes after pressures on banks sparked a panic in recent weeks.