Bitcoin Breaches US$63K Mark Ahead Of Coinbase’s Public Debut

3 min read | April 14, 2021 12:52 AM AEST | By Anuj

Bitcoin Breaches US$63K Mark Ahead Of Coinbase’s Public Debut

Institutional Investors’ Bet On Bitcoin

With the backdrop of Wall Street’s acceptance of evolving cryptocurrency, the latest bitcoin price rally is likely to be more sustainable than its previous boom in 2017. A crypto network getting the US Securities and Exchange Commission’s (SEC) nod is a big achievement for the overall industry.

The list of institutional investors seeking to invest in Bitcoin is also growing, from JP Morgan to Morgan Stanley, and these giant asset management firms expect that it could be a better option to hedge risks.

Mainstream companies' acceptance of bitcoin has also set a tone of confidence for the digital currency. Earlier this year, Tesla Inc (NASDAQ:TSLA, TSLA:US) publicly announced its US$ 1.5 billion investment in the world’s largest crypto coin. It also started selling its electric cars in exchange for bitcoins recently.

©Kalkine Group 2021

Crypto Exchange & Digital Payment Boom

Cryptocurrency exchanges and digital payment platforms have also started to see a boost over the frenzied buying across the globe. Malta-based Binance, which is one of the largest crypto exchanges in the world, recorded a surge of 23 per cent on Monday on the back of Coinbase’s public debut announcement.

US-based digital payment firms, such as Square Inc and PayPal Inc, have purchased bitcoins worth millions of dollars, while fintech companies have been allowing their users to exchange fiat money for crypto coins.

Now, investors will be keeping an eye on Coinbase’s stock performance once it starts trading on Wednesday, as that could have a strong impact on Bitcoin’s ongoing bull-run.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.