The price of the world’s most popular cryptocurrency hit new highs on Wednesday as investors awaited the first listing of a digital stock exchange on Wall Street.
Bitcoin BTCUSD,
hit a record high of $ 63,000 on Tuesday, hitting $ 64,368, a 6% gain in the last 24 hours. And the profits were not reserved just for Bitcoin, like the ether ETHEUR,
on the Ethereum network, it has gained about 10% over the same period, hitting a new record near $ 2,370 as early as Wednesday. XRP XRPUSD,
which is linked to Ripple, has jumped 33% in 24 hours, and traded for the last time at a new high of $ 1.95.
On Wednesday, Coinbase will begin trading on the Nasdaq with the “COIN” symbol as a direct quote. that is, it is not raising any capital as a traditional stock exchange would. The digital platform received a reference price of $ 250 per share on Tuesday evening, which values it at around $ 67 billion.
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The reference price does not determine where the shares will open, but investor enthusiasm has been rising and analysts say this is reflected in recent rising prices of digital currencies. Stock market trading focuses primarily on bitcoin and Ether, the largest cryptocurrencies.
“Coinbase’s listing in the U.S. is a big problem for many investors because it somehow sends a signal that U.S. lawmakers won’t ban bitcoin and that the cryptocurrency king is here to stay now,” he said. Naeem Aslam, chief market analyst at AvaTrade, in a note to clients. However, some have warned that Coinbase’s valuation may be too high.
Read: Coinbase IPO: Everything You Need to Know About “Crypt Dividing Time” in Crypto