Home Stock Bitcoin surged to new highs above $ 64,000 as investors awaited Coinbase's...

Bitcoin surged to new highs above $ 64,000 as investors awaited Coinbase’s IPO


The price of the world’s most popular cryptocurrency surged to new highs on Wednesday, as investors waited for the first listing of a Wall Street digital exchange.

Bitcoin
BTCUSD,
+ 1.86%

take out TUesday’s new record is above $ 63,000, reaching $ 64,368, up 6% over the past 24 hours. And profits are not exclusive to bitcoin, like ether
ETHEUR,
+ 3.31%
,
on the Ethereum network, which is up about 10% over the same period, hit a new record near $ 2,370 at the start of Wednesday. XRP
XRPUSD,
+ 5.24%
,
is tied to Ripple, which is up 33% in 24 hours, last trading at a new high of $ 1.95.

On Wednesday, Coinbase will begin trading on the Nasdaq under the “COIN” symbol as a live listing. meaning it doesn’t raise capital like a traditional IPO. The digital platform has been launched Reference price is $ 250 a share on Tuesday night, valuing it at close to $ 50 billion.

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The reference price does not determine where the stock will open, but investor enthusiasm has been built up and analysts believe that is reflected in the recent surge in cryptocurrency prices. Trading on exchanges is mainly focused on bitcoin and Ether, the largest cryptocurrencies.

“Coinbase listing in the US is a big problem for many investors because somehow it sends a signal that US lawmakers will not ban bitcoin and the king of crypto here will now stay. , ”Said Naeem Aslam, principal market analyst at AvaTrade, in a note to clients. However, some have warned that Coinbase’s valuation maybe too lofty.

Read: Coinbase IPO: Everything you need to know about ‘watershed moments’ in crypto

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