Why did Coinbase stock shoot up today? Brazil expansion, crypto rally

Coinbase ( NASDAQ: COIN ) stock jumped 11.9% on Tuesday as the cryptocurrency market came under further buying pressure as the tumult in the banking sector spurred speculation that the Federal Reserve's monetary policy would be less aggressive. Crypto-exposed stocks are viewed by many as high-beta versions of the underlying crypto. Bitcoin ( BTC-USD ) eked out small gains during the session, edging up 0.3% to $28.17K at 4:26 p.m. ET, as traders await the Fed's interest-rate decision on Wednesday. Ethereum ( ETH-USD ) also saw a relatively modest upswing, rising 1.9% to $1.79K. COIN's bullish price action also came after the company said it's expanding into the Brazilian market , where it already has a strong presence. In essence, the company has integrated Pix, the Central Bank of Brazil's instant payment platform, and started enabling crypto purchases with reals. Even with COIN's more than 120% year-to-date surge, SA contributor Josh Arnold thinks there's more upside potential due to a strengthening bull case for bitcoin .