Much Ahead of Cryptocurrency Exchange – Bitcoin touches an all-time High of $63,825.56
Today, Coinbase has opted for a direct listing on Nasdaq. It is the first cryptocurrency exchange to make a debut in the stock market. Apart from the listing, there was a gush in the Bitcoin valuation, that touched the mark of $63,825.56.
Initially, the popular cryptocurrency was trading at $63,255.46 per BTC. It was not restricted to Bitcoin or other cryptocurrencies such as Ethereum and Cardano that witnessed a valuation rise. And then, Ethereum touched an all-time high of $2,325.50.
According to a Bloomberg report, the Bitcoin price could reach USD 4,00,000 this year. From that average month’s price, Bitcoin increased over 50 times to the peak in 2017.
On Tuesday, Nasdaq set Coinbase’s reference price at $250. Formerly, the exchange was started in 2012 that allows trading in several cryptocurrencies such as Bitcoin, Dogecoin, Ethereum, and others.
Now, the company is going to get listed in the traditional exchange at a value of $100 billion.
The company was founded by Brian Armstrong and Fred Ehrsam, has 43 million users now and 7,000 institutions using the platform.
As per Coinbase’s preliminary first-quarter results, the revenue poured to $1.8 billion. Meanwhile, the company reported a net income of $730 million.
The rise in income is majorly due to the rise in valuation and transaction of Bitcoin and Ethereum.
But, the exchange generates revenue from other businesses as well.
Coinbase has confirmed its presence in India, despite the regulations fear, and ban on cryptocurrency.