Coinbase Bounces on Bitcoin Rally, But Is It Sustainable?

The recent Bitcoin price surge has had a significant impact on Coinbase Global (COIN) shares, which jumped by over 25% last week. This rally, partly fueled by the White House's reaffirmation of its pro-cryptocurrency stance, has also benefited the Direxion Daily COIN Bull 2X ETF (NASDAQ: CONX).

CONX is designed to deliver returns corresponding with 200% of Coinbase stock's daily movements. Last week was a good time for investors in CONX, but there are reasons why short-term traders may want to continue monitoring it.

Coinbase CEO Brian Armstrong believes that a new cryptocurrency bull market could be on the horizon, which would boost his company's shares and those of CONX. Fears of monetary debasement in the US and data showing waning Bitcoin volatility are also potential catalysts for Coinbase and CONX.