TradingKey – Coinbase briefly broke above $180, with potential for a further 22% gain if it holds that level.

On August 21 Eastern Time, Bitcoin prices surged over 10% intraday, approaching the $80,000 mark and boosting cryptocurrency exchange Coinbase (COIN)’s stock, which surged over 5% in pre-market trading to break above $180, standing at $180.99.

The rally in Bitcoin prices drove Coinbase’s stock higher for two main reasons: 1. Increased volatility in Bitcoin and mainstream tokens drove growth in transaction fee revenue from Coinbase’s retail and institutional users; 2. Coinbase directly holds 16,492 Bitcoins, directly boosting its asset returns.

However, after approaching near $80,000 today, Bitcoin quickly faced a bearish…