Bitcoin jumps to new all-time high
World's leading crypto hits $63,095 ahead of Coinbase listing
Bitcoin jumped to a new all-time high on Tuesday morning, with Coinbase's forthcoming listing buoying market sentiment.
The world's leading cryptocurrency rose by more than 4.5 per cent to reach as high as $63,095. The breakout comfortably beat the previous all-time high of $61,712 reached exactly one month previous.
Although the process has been underway for some time, Coinbase's Wednesday listing has been described by many as a potential watershed moment in the assimilation of cryptocurrencies into the financial mainstream. The US-based exchange has generated over $3.4bn in total revenue in its nine-year history and has over six million monthly transacting users. In its preliminary results for the first quarter of 2021, Coinbase reported revenue of $1.8bn, adjusted EBITDA of $1.1bn and net income between $730 and $800m.
The trend of increasing institituonal acceptance of the once reviled world of cryptpcurrencies has accelerated rapidly in less than a year, with the likes of Square and MicroStrategy acquiring significant holdings and payment giants such as PayPal launching cryptoasset services. More recently, both Morgan Stanley and Goldman Sachs have announced their intention to offer their clients access to crypto investments.
While many may well be initially attracted to Bitcoin simply for its reputation for rapid growth, the fundamental appeal of the cryptocurrency has been underlined by past year's events. With over a fifth of all US dollars in existence having been created since the start of 2020, and with governments around the world introducing record levels of stimulus, Bitcoin has proved to be a popular digital haven for those hoping to avoid inflation and looking for a store of value.
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By mid-morning, Bitcoin traded up 4.8 per cent at $62,699, up 107 per cent since the start of the year.