Why did Coinbase stock go up today? Bitcoin climbs to 18-month high (NASDAQ:COIN)

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Coinbase (NASDAQ:COIN) stock gapped up 6.6% in Friday mid-afternoon trading as bitcoin’s (BTC-USD) rally to the highest level since May 2022 drove up a slew of crypto-linked stocks.

Shares of the crypto exchange are viewed as a high-beta version of bitcoin (BTC-USD