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.