Coinbase Global Inc. (COIN) shares rose more than 13% during Friday’s trading session to close near $165. This rally followed a broader recovery in the cryptocurrency market after a sharp sell-off earlier in the week.
Bitcoin climbed back above the $70,000 threshold with a gain of over 9%. Major altcoins also recorded double-digit percentage increases during the market-wide surge.
The stock's performance overshadowed a recent report from Citigroup. Analysts at the firm lowered their price target for Coinbase, citing concerns over falling trading volumes and potential regulatory delays.
Investors prioritized renewed trading activity over recent analyst downgrades. This momentum provided relief for shareholders following a period of sustained declines.