There is a short squeeze going on in beaten-down stocks across the cryptocurrency sector. All it takes is a quick look at the likes of Coinbase Global and Silvergate Capital to see that ‘ GameStop -style’ dynamics are at work.
Crypto broker Coinbase (ticker: COIN) spiked 24% on Thursday, bringing its gains across the past five days to 54% and its year-to-date rise above 140%. Crypto banker Silvergate (SI) jumped 29% on Thursday and is up 60% since the end of last week. Other stocks exposed to digital assets, such as Bitcoin miner Riot Platforms (RIOT) and MicroStrategy (MSTR)—a software group with huge crypto holdings—show similar price action.
Source: finance.yahoo.com
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