Bitcoin surged on Wednesday surpassing $64,000 for the first time and breaking its March record. The jump in Bitcoin price marks traders’ bullish outlook on cryptocurrencies due to Coinbase’s listing on Nasdaq on Wednesday, April 14.
The digital token is trading at $64,542 at the time of writing. Crypto bulls have been pushing the price of the cryptocurrency higher as more companies embrace Bitcoin despite critics’ questioning for the durability of the boom. Coinbase’s listing on Nasdaq with a valuation of about $100 billion, is not only the biggest listing of a cryptocurrency company so far, but it also marks the growth of the industry and it’s the strongest sign of growing mainstream business acceptance for cryptocurrencies.
Analysts see Coinbase’s debut as the first official bridge between traditional finance and an alternative crypto way. The listing of the crypto company should open the way for traditional investors to endorse cryptocurrencies. Goldman Sachs and Morgan Stanley have already announced they are planning to offer their clients access to crypto investing. Tesla invested $1.5 billion in Bitcoin and started accepting the digital token as payment for its electric cars.
Cryptocurrency pessimists keep insisting that digital currencies have been boosted by stimulus and regulators keep doubting their effectiveness as a currency. In a recent interview, Isabel Schnabel, a European Central Bank executive board member, said that Bitcoin is “a speculative asset without any recognizable fundamental value”.
Coinbase’s listing has generally pushed cryptocurrencies of other cryptocurrency exchanges higher. Ether comes second after Bitcoin and is followed by Binance Coin which landed the third spot. Many analysts see the rally continuing.
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