Tuesday, May 11, 2021

Bitcoin trades near $64,000 as Coinbase makes its debut on Nasdaq.

The Takeaway:

Bitcoin breached the $64,000 level for the first time as traders turned their attention to Coinbase's public debut.

ADVERTISEMENTKillerlaunch domains

Bitcoin breached the $64,000 level for the first time as traders turned their attention to Coinbase Global Inc.’s public debut. The token was volatile during the morning, trading up 1.4% at US$64,100. The world’s largest cryptocurrency has risen for seven straight sessions, its longest winning streak since the start of the year. All eyes are on Coinbase’s debut in what may prove to be a watershed event for cryptocurrencies and potentially the largest direct listing ever.

 

“It’s a huge step forward for the crypto industry.”

If the crypto exchange Coinbase is valued at US$100 billion as expected, it would be worth more than the New York Stock Exchange and Nasdaq Stock Market combined. “It’s a huge step forward for the industry and the legitimacy it brings in the eyes of investors and regulators,” Mati Greenspan, founder of Quantum Economics, said on Bloomberg TV. The mainstream acceptance of the leading cryptocurrency has helped bitcoin to witness a 120 percent rally this year. That’s despite lingering concerns over their volatility and usefulness as a method of payment.

 

Nasdaq has given Coinbase a reference stock price of $250.

According to new information on the San Francisco-based exchange’s listing, Nasdaq has given Coinbase a reference stock price of $250. Nasdaq listed the stock on April 14, after a few weeks of high anticipation. The US crypto exchange’s direct listing has raised much excitement in both the traditional and crypto investor communities. The listing was rumored for a long time and drove much of the headlines in the past few months. Coinbase will become the first company that allows Bitcoin trading to become available on the stock market. Due to non-fungible tokens (NFT) and general investments, the explosion in popularity will only further Coinbase’s interests. 

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave A Reply

Please enter your comment!
Please enter your name here