Bitcoin rose 4% in the last 24 hours to reach a fresh record high of $62,719 while ether climbed to a record $2,210. The record rise happened as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase.
Coinbase will go public on Wednesday through a direct listing that could value the company at as much as $100 billion.
Crypto investors are hailing Coinbase’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.
Founded in 2012, Coinbase is the largest crypto exchange in the US and reported revenues of $1.8 billion in the first quarter of 2021, up nine-fold from the same period a year earlier.
Bitcoin has more than doubled in price since the start of the year, as mainstream investors jumped into cryptocurrencies.
Proponents view Bitcoin as a store of value but skeptical economists view the digital coin as extremely volatile and a vehicle for illegal transactions.
Bitcoin and ethereum are currently gaining. BTCUSD is up 4.49%, ETHUSD is up 3.46%
