Coinbase, a cryptocurrency exchange company, saw a surge in their share price following reports that the company is exploring an overseas trading venue.
CNBC’s Kristina Partsinevelos reported that fears over the financial system stability have sent investors back into crypto this week, which has been good for Coinbase.
The company’s shares are up over 12% today and up 42% for the week.
However, it is worth noting that the stock is still 60% below its most recent high.
The concerns about global economic growth have also put pressure on Industrials, with United Rentals being the biggest lagger today and on pace for its worst week since June.
Airlines have also been hit hard, along with names like Parker Hanafin and Caterpillar.
Despite the recent surge in share prices, Coinbase’s chart still shows a significant drop from its previous high.
