Why did Coinbase stock go up today? Look no further than bitcoin (NASDAQ:COIN)

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Coinbase (NASDAQ:COIN) stock gapped up 7% in Monday mid-afternoon trading as bitcoin (BTC-USD) broke out of a key technical level.

Shares of the cryptocurrency exchange were one of many crypto-linked stocks that advanced (at 3:31 p.m. ET), such as MicroStrategy (MSTR