Coinbase shares climb 9% as crypto rallies

Coinbase Global Inc (NASDAQ: COIN) shares soared 9% on Monday as cryptocurrencies like bitcoin and ether rallied.

Bitcoin climbed above $22,000 on Monday, trading up 5% on the day, hitting its highest level in more than a month. The currency has not traded above $22,000 since June 16, 2022.

The second-largest cryptocurrency, ether was trading up 10% over the last 24 hours at $1,477.

According to CoinMarketCap, ethereum comprises roughly 30% of Coinbase’s trading volume, while Bitcoin contributes about 21%.