BREAKING: Bitcoin surges above $62,000 ahead of Coinbase IPO
Bitcoin has hit on Tuesday a record high as it crossed $62,000 ahead of cryptocurrency exchange Coinbase IPO on Wall Street.
Bitcoin has hit on Tuesday a record high as it crossed $62,000 as investors awaited the highly-anticipated stock market IPO of cryptocurrency exchange Coinbase on Wall Street.
Bitcoin reached $62,377, a huge gain of 114% since the start of the year.
After crashing in 2018, the value of bitcoin rebounded and it has set records since late last year — rocketing from around $12,000 in October to more than $60,000 a month ago.
However, the arrival on Wednesday of cryptocurrency exchange Coinbase on the Nasdaq is one of Wall Street’s most anticipated events of the year even though some question whether the cryptocurrency market is sustainable.
Estimates of Coinbase’s value vary depending on how it is calculated, but its capitalisation is expected to range from $70 to $100 billion.
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That would make it the largest initial public offer (IPO) for a US company since Facebook in 2012.
Founded in 2012, the platform allows users to buy and sell about 50 cryptocurrencies.
The cryptocurrency market has grown exponentially in 2021 and is now worth a staggering $2.0 trillion as it increasingly attracts interest from big names on Wall Street.
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Moreso, the electric car giant Tesla has invested $1.5 billion in bitcoin and in March began accepting the currency as payment.
