Coinbase Options Fly, 10% Price Jump After Harris Boost
$Coinbase (COIN.US)$ climbed 10% on Monday, while $Bitcoin (BTC.CC)$ climbed 5%. The stock has followed Bitcoin movements in a more volatile way- down about 35% from its year-high price set in March. Bitcoin is down about 10% from a price record set around the same time.
Within options, Coinbase was in seventh place for the highest volume of options trades on Monday. Traders swapped about 524k contracts on Monday, according to moomoo.
One contract with the highest volume stood out, a $190 Call going for about $9/share for 100 shares. The contract gives holders the right to buy Coinbase for 190 before Friday. The contract has been around for a while and has steadily lost value as the underlying fell, but jumped more than 330% Monday.
Monday, news from the Harris administration campaign could have set prices higher. Vice President Harris said she would support a regulatory framework for "cryptocurrency and other digital assets" during a campaign speech in Erie, Pa., Monday morning.
It was a portion of a release and platform attempt to gather support from black voters, of whom about 20% own or have owned crypto, according to a Harris release.
"Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services. She will make sure owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected," The release said.
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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