Bitcoin surges all-time high ahead of Coinbase debut in stock market

Cryptocurrency valuation surged to its all-time high as the first cryptocurrency exchange Coinbase Global Inc. is to make its debut in the stock market. 

According to CoinDesk, the record high of Bitcoin was $64,754, Ether soared to 2.398 $, and Dogecoin – the meme cryptocurrency which was developed as a joke – jumped 77 % to $0.13 after touching $0.14. 

Coinbase is listed on Nasdaq through the direct listing under the ticker symbol COIN on the Nasdaq World Selected Market on Wednesday. Nasdaq has set a baseline price of $250, which will give Coinbase a value of about $100 billion, over and above that of Nasdaq Inc. 

The largest cryptocurrency exchange in the United States was founded by Brian Armstrong and Fred Ehrsam in 2012, the company facilitates the trading of Bitcoin, Bitcoin Cash, and several other cryptocurrencies in approximately 32 countries.

Coinbase is trusted by 43 million verified users, 7,000 institutions, and 115,000 ecosystem partners in over 100 countries to easily and securely invest, spend, save, earn, and use cryptocurrency.

A week before going public, Coinbase said it expects to report a profit of $730 million to $800 million in the first quarter, which is more than double its 2020 full-year profit, according to Bloomberg estimation.

After years of skepticism among financial investors and policymakers, cryptocurrency proponents hail it as a significant gain. 

This year, Bitcoin rose more than 100%, while Etherum rose almost 190%. The asset groups have both surpassed significantly and have been supported by major corporations and big investors, including Tesla Inc and BNY Mellon, into the crypto market.

The organizations including Goldman Sachs, Morgan Stanley, JPMorgan, and Visa accepted or invested in digital currency. 

Picture Credits: FT