Coinbase Stock Rallies Amid Crypto Comeback

Italian regulators will also allow Coinbase to continue providing services in the region

Deputy Editor
Jul 18, 2022 at 10:17 AM
facebook X logo linkedin

Coinbase Global Inc (NASDAQ:COIN), along with other crypto-related stocks, is rallying this morning, last seen 12.2% higher to trade at $60.35, following an overnight rally in Bitcoin (BTC) and other digital assets. Separately, Italian regulators granted the company approval to provide ongoing crypto services to customers in the region, according to a blog that Coinbase posted on Monday.

On the charts, today's price action is helping COIN break back above a recent ceiling at its 30-day moving average. In addition, Coinbase stock is moving back above the the $60 area, which has weighed for more than a month. The equity still sports a 76.1% year-to-date deficit, however. 

Short- and long-term options traders are overwhelmingly pessimistic on Coinbase stock at the moment. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.37, which stands higher than 96% of readings in its annual range. Mirroring this, COIN's 50-day put/call volume ratio of 1.76 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 92% of readings from the past year. 

A shift in sentiment could be taking place. In the first hour of trading, 27,000 calls and 22,000 puts have crossed the tape, which is nearly double the intraday average. The weekly 7/22 60-strike call is the most popular by far, with new positions being opened at the contract.

Short interest is on the rise, up 19% in the last two reporting periods. The 32.58 million shares sold short account for 19.1% of the stock's available float, and at COIN's average pace of trading it would take more than two days to buy back these bearish bets. 




Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI