Economy

Bitcoin reached its new height of $62,000which is more than Coinbase debut

On Tuesday, it is noted that bitcoin has reached a new record of $62,000. However, the investors are most awaited for this highly-anticipated stock market debut of cryptocurrency exchange Coinbase.

In the last 24 hours, the price of the bitcoin climbed more than 4% which hit $62,718, as per the data from Coin Metrics. This is the second most valuable digital coin after the bitcoin that sets a fresh record which climbs to $2,210.

On Wednesday, Coinbase is all set to go public that values around $100 billion which more than the major trading value operator like the Intercontinental Exchange owners of the New York Stock Exchange. Currently, the crypto investors are hailing the company’s stock market debut which is a major milestone for the industry after years of incredulity from regulators and Wall Street.

Marcus Swanepoel, CEO, and co-founder of London-based cryptocurrency platform Luno mentioned, “This is really good for the industry and really important for the industry at a minimum. It’s going to increase the trust and transparency in our industry. There’s 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.”

In 2012, Coinbase was founded and became the largest cryptocurrency exchange in the United States. However, it is noted that there is an increase in revenue this year which means it is climbing to the value of bitcoin as well as other cryptocurrencies. In the first quarter of 2021, the company has reported around $1.8billion in revenues. Moreover, a nine-fold increase from the same time frame earlier in this year. The whole profit grew between $730 million and $800 million. At the starting of this year, Wall Street giants like Goldman Sachs and Morga Stanley are now looking out for offering their wealthy clients which gives some exposure to bitcoin.

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