The price of the leading cryptocurrency, bitcoin, hit a new high at $63,200 on Coinbase. Ether also hit a new all-time high at $2,222 on the exchange. For the last two weeks, Bitcoin has been making attempts at a breakout which intensified this week ahead of the Coinbase listing on Wednesday. Bitcoin has witnessed a massive winning rally this year as the price more than doubled since the start of the year.
Bitcoin trades at a premium on Korean exchanges.
At the time of writing, the price of Bitcoin is $62,620 on Coinbase while trading at $72,245 on Upbit, $71,710 on Bithumb, and $71,704 on Coinone. The level of Korean crypto frenzy has risen so much that volume on crypto exchanges in the country at times surpasses that of equity exchanges. Also, people from all age groups have been consumed by this frenzy that “could possibly draw increased regulatory intervention.” As reported earlier, Kraken’s CEO has warned of a potential crackdown on the crypto industry in the USA.
Coinbase is all set to go public via direct listing.
The US-based crypto exchange giant Coinbase, with a valuation of as much as $100 billion, will begin trading on the Nasdaq under the ticker symbol COIN in a direct listing rather than a traditional IPO from April 14. While much speculation has swirled about Coinbase’s final valuation, investors were heartened by preliminary figures showing net revenue at $1.8 billion, which is almost twice as much as Euronext revenue in all of 2020. Coinbase is the first company devoted entirely to cryptocurrency to enter a US stock exchange. Estimates vary depending on the method of calculation, but the firm’s capitalization is expected to range from $70 to $100 billion, the largest IPO for a US company since Facebook in 2012.