The cryptocurrency exchange opened 3.8% above Thursday’s close (10/13) and is trading back above $71 per share. Coinbase benefited from the short squeeze on Bitcoin and other major cryptos. After the critical inflation data release, traders who expected further falls were knocked out of their short positions on Thursday, October 13.
Coin Base Jumps 14 Percent On October 13
BTCUSD has been up 3% in the last three days, and ETHUSD gained 4%. We are far from a trend reversal in cryptocurrency, but every time Bitcoin breaks the $20k resistance, there is a chance it could extend the run. At the moment, BTCUSD is around $19,700 on SimpleFX.
Crypto-related stocks are a great target when Bitcoin is on the run. Coinbase gained 14% between 12 and 14th October.
