Market Cap: $2,167,245,748,433
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Cryptocurrencies: 29369
Markets: 112822
Market Cap: $2,167,245,748,433     
24h Vol: $64,863,278,229
Seeking Alpha 2023-01-10 17:38:57

Options traders see more upside for Coinbase amid crypto rally

Options traders see more upside for Coinbase amid crypto rally
Option traders are betting bullish on Coinbase Global ( NASDAQ: COIN ) following the stock's +15% rally on Monday - its highest since August 2022. Speaking on CNBC , Optimize Advisors' Mike Khouw said the cryptocurrency exchange platform traded at 1.6x average daily volume on Monday. Buyers purchased 10,000 of the Jan. 13 weekly 40-calls at an average price of $1.15 per contract, Khouw mentioned. Traders see Coinbase ( COIN ) rallying another 5% by the end of this week. However, the momentum may come under pressure with the recent announcement of job cuts at the company. Coinbase ( COIN ) is laying off around 950 people , or 25% of its staff. The current rally has been buoyed by Jefferies initiating coverage on the stock with a Hold rating on expectations that the crypto exchange will weather FTX fallout. Shares of Coinbase Global ( COIN ) were up around 6% shortly before 12.45 p.m. ET.
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