Bitcoin Crosses $64,174 as First Crypto Exchange Readies for Stock Market Debut

  • Cryptocurrency News
Bitcoin Crosses $64,174 as First Crypto Exchange Readies for Stock Market Debut
Credit: © Reuters.

By Aditya Raghunath -- Flagship cryptocurrency Bitcoin has hit a high of $64,174 just before Coinbase Global Inc (NASDAQ: COIN ), one of the world’s biggest and most popular crypto trading platforms, is set to list on the stock markets.

The exchange is directly going to list on the Nasdaq without going through the IPO route, and analysts say that the company could be valued at $100 billion. This is not the conventional way of doing things but the world of cryptocurrency has rarely followed convention.

Bitcoin has been buoyed by this news and has hit a record high today. As of this report, one Bitcoin is valued at $64,175. Bitcoin has more than doubled this year from $28,897 when it closed 2020. That’s an increase of over 118%.

Bitcoin is increasingly finding acceptance as a means of payment and investment. Big players like investment bank BNY Mellon US Large Cap Core Equity ETF (NYSE: BKLC ), the world’s largest asset manager BlackRock (NYSE: BLK ) and credit card giant Mastercard (NYSE: MA ) have thrown their weight behind cryptocurrencies. Companies like electric car-maker Tesla Inc (NASDAQ: TSLA ), payments player Square (NYSE: SQ ), and business intelligence firm MicroStrategy Incorporated (NASDAQ: MSTR ) have invested into Bitcoin.

Bitcoin was trading sideways for over a week before Coinbase’s listing date drew closer. A Reuters report said that mining companies are not selling recently-mined coins, and a shortage of Bitcoin in the open market drove prices.

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