Shares of Coinbase (COIN.US), one of the largest cryptocurrency exchanges, are gaining over 9% before the opening of today's session after it was announced that the company will join the S&P500 index, which brings together the largest companies listed on Wall Street from May 19 this year, replacing Discover Financial Services (DFS.US).
This information is of great importance to the company itself due to the element of replicating the S&P500 index by funds, thereby potentially allocating funds from above in the company's shares.
Sentiments on the company's shares are additionally supported by the rising prices of Bitcoin and other cryptocurrencies. Let us recall that the largest cryptocurrency has broken through the barrier of USD 100,000, gaining almost 28% in the last 30 days.
The company's shares are currently gaining almost 9% and are breaking above the 50-, 100-, and 200-day exponential moving averages (before the opening of Wall Street). Source: xStation
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