Bitcoin Hits new High above 63K ahead of Coinbase Debut


Bitcoin surged to a fresh record high of more than 63,000 on Tuesday, as investors awaited the highlyanticipated 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 secondmost 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 companys 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 cofounder of Londonbased cryptocurrency platform Luno, told CNBC. Its going to increase the trust and transparency in our industry. Theres 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. Its seen surging revenues this year thanks to a climb in the value of bitcoin and other cryptocurrencies. The company…


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