Market Overview

Bitcoin hits new all-time high above $63,000 ahead of Coinbase debut

Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase. The price of bitcoin climbed as high as $63,236, according to data from Coin Metrics, before easing slightly to around $62,877. It was last up about 5% in the last 24 hours. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,230.

Coinbase is set to go public on Wednesday through a direct listing that could value the company at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.

“This is really good and really important for the industry,” Marcus Swanepoel, CEO and co-founder of London-based cryptocurrency platform Luno, told CNBC. “It’s going to increase the trust and transparency in our industry.” “There’s still a bit of distrust in the industry and I think having a company of that size be public is going to help a lot of people realize that this is not just an asset class to take seriously but also a business to take seriously.”

Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States. It’s seen surging revenues this year thanks to a climb in the value of bitcoin and other cryptocurrencies. The company reported estimated revenues of $1.8 billion in the first quarter of 2021, a nine-fold increase from the same period a year earlier, while profits grew to between $730 million and $800 million.

Bitcoin hits new all-time high above $63,000 ahead of Coinbase debut, CNBC, Apr 14

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