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Bitcoin hits record before landmark Coinbase listing on Nasdaq

EconomyApr 13, 2021 07:20AM ET
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© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph

LONDON (Reuters) -Bitcoin hit a record of $62,741 on Tuesday, extending its 2021 rally to new heights a day before the listing of Coinbase shares in the United States.

The largest U.S. cryptocurrency exchange's listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates.

Bitcoin is the world's biggest cryptocurrency, with growing mainstream acceptance as an investment and a means of payment. It rose as much as 5% on Tuesday. Smaller rival Ethereum also reached a record high of $2,205.

The overall cryptocurrency market capitalization hit an all-time peak of $2 trillion earlier this month, according to data and market trackers CoinGecko and Blockfolio.

Major firms including BNY Mellon (NYSE:BK), Mastercard Inc (NYSE:MA) and Tesla (NASDAQ:TSLA) Inc are among those to have embraced or invested in cryptocurrencies.

Bitcoin topped $60,000 early last month, fuelled by Tesla's move to buy $1.5 billion of the digital currency for its balance sheet. For the past two weeks, it had traded in a tight range.

"When bitcoin markets create new highs, the price often range-trades and we witness a round of profit-taking," said James Butterfill of digital asset manager CoinShares.

"During this most recent period, have witnessed a similar profit-taking round, which now looks to have run its course."

Simon Peters, analyst at multi-asset investment platform eToro said "demand is flooding the market from institutions just as large amounts of bitcoin and ethereum are increasingly being taken offline and holders are transferring them to their own wallets."

"There is only one outcome from that, and investors should expect higher highs and higher lows throughout the year," he added.

The multifold rise in cryptocurrencies is also driven by investors seeking high-yielding assets amid low interest rates. However, the meteoric rise of bitcoin, which traded at a few hundred dollars only five years earlier, has led major investment banks to warn of a speculative bubble.

Several fund managers surveyed by BofA and Deutsche Bank (DE:DBKGn) have said Bitcoin was in "bubble" territory and expect it to pull back sharply.

At 1044 GMT on Tuesday, bitcoin was at $62,505.27, up around 4.5% on the day.

Bitcoin hits record before landmark Coinbase listing on Nasdaq
 

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Comments (4)
Tiwan Allen
Tiwan Allen Apr 16, 2021 11:29AM ET
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Bitcoin is going to be a market of its stock market of digital Life
Tiwan Allen
Tiwan Allen Apr 16, 2021 11:20AM ET
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Bitcoin we are a 63 k
bhavani prasad
bhavani prasad Apr 13, 2021 7:01AM ET
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another 100% to 300% growth from today onwards ...
bhavani prasad
bhavani prasad Apr 13, 2021 7:01AM ET
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another 100% to 300% growth from today onwards ...
 
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