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Bitcoin breaches $64,000 with Coinbase listing fuelling crypto demand

Experts see the direct listing of US crypto exchange as pushing tokens into the mainstream of investing, exposing legions of potential buyers to the digital asset class. In little more than a decade, it has grown into a $2 trillion industry.

April 14, 2021 / 08:42 PM IST
Representative Image

Representative Image

Bitcoin on April 14 breached the $64,000 level for the first time amid the Coinbase Global Inc.’s public debut. This took place as investor demand for all things related to crypto surged. Bitcoin is currently valued at over $1 trillion after a more than 800 percent surge in the past year, reported Bloomberg.

Experts see the direct listing of US crypto exchange as pushing tokens into the mainstream of investing, exposing legions of potential buyers to the digital asset class. In little more than a decade, it has grown into a $2 trillion industry.

Bitcoin hits record high of $62,575 before largest cryptocurrency exchange listing on Nasdaq

Apart from Bitcoin, other cryptocurrency -- Ether -- surged. Meanwhile, Bitcoin Cash surged over 10 percent at one point during the trading hours. Following an endorsement from TV personality Guy Fieri, cryptocurrency Dogecoin too surged. Also, Binance Coin saw their value rise with BNB at 3 percent gain, according to CoinMarketCap.com.

Looking at the stocks closely, if Coinbase is valued at $100 billion as expected, it may be worth over the New York Stock Exchange and Nasdaq Stock Market combined.

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With actively managed equity funds, Coinbase is most likely to be popular among growth managers given its size and visibility. These Coinbase make a large swath of stock holders passive investors in crypto.

“It’s a huge step forward for the industry and the legitimacy it brings in the eyes of investors and regulators,” Bloomberg TV quoted Quantum Economics founder Mati Greenspanas saying.

Earlier in December, growing mainstream acceptance of cryptocurrencies has spurred Bitcoin to a 120 percent rally. However, doubts remained over over their volatility and usefulness as a method of payment. With Coinbase becomes a public company, attention from regulators is poised to intensify.

"As the direct listing on the Nasdaq will reach a wider investment base other than the usual crypto evangelists, investors must expect much greater government scrutiny," the business website quoted deVere Group founder Nigel Green as saying.

During the morning trading hours, the token was volatile and climbed as much as 2.7 percent to $64,869. The token has risen for seven straight sessions.
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