Post
Consult
IM
feedback
top

Bitcoin hits record before landmark Coinbase listing on Nasdaq

image.png

Reference:CGTN | Updated:14 April 2021

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.

The world's biggest cryptocurrency, which has growing mainstream acceptance as an investment and a means of payment, rose as much as 5 percent on Tuesday. Smaller rival Ethereum also reached a record high of $2,205.

Major firms including BNY Mellon, Mastercard and Tesla 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.

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

The multi-fold 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 have said Bitcoin was in "bubble" territory and that they expect it to pull back sharply.

If you have any questions or requirements, you can contact us, or click “”on the right side of this page to contact our online service.
0 0
0 Comments
Your Comment
* Email
Login to comment
Submit
RSS SUBSCRIBE!
RSS SUBSCRIBE
Copy the RSS feed url here
https://www.buildmost.com/rss/news.xml
Copy
join now for free