Shares of cryptocurrency exchange Coinbase jumped more than 10% to $53 per share on Tuesday thanks to a prolonged rally in the cryptocurrency market, writes Business Insider.

Last week, Coinbase announced it was cutting 20% of its workforce due to tough economic conditions.

This positive performance of Coinbase stock has occurred when cryptocurrency prices are on the rise. BTC jumped 20% last week, while the market capitalization of the entire industry rose to over $1 trillion last weekend. Bitcoin reached its highest price since September.

Industry executives are even confident that the market turmoil is probably over after the fall of Sam Bankman-Fried’s crypto exchange FTX.

“I think we will see less bitcoin price volatility over the next 6 months,” believes Kadan Stadelmann, chief technology officer of blockchain solutions provider Komodo.

The multi-day rally in digital assets has helped boost Coinbase’s stock, though the company’s shares have fallen 75% in the past year.

– Business Insider materials were used in preparation