Bitcoin hit an all-time high as sentiment in cryptocurrencies turned bullish ahead of Coinbase Global Inc.’s listing this week.
The token even rose 5.3 percent to $ 63,179, beating the previous high in March. Cryptocurrency-exposed stocks like Riot Blockchain Inc and Marathon Digital Holdings also continued to perform in US premarket trading.
Crypto bulls are in place as a growing number of companies accept Bitcoin, even as skeptics doubt the boom will last. As one of the strongest signs of the growing adoption of cryptocurrencies on Wall Street, Coinbase will be listed on the Nasdaq on April 14, valued at around $ 100 billion.
Coinbase’s debut “marks the first official link between the traditional financial route and the alternative crypto path,” wrote Ipek Ozkardeskaya, senior analyst at Swissquote, in a note. “Hence, a successful addition to Nasdaq should serve as an endorsement for cryptocurrencies by traditional investors.”
Goldman Sachs Group and Morgan Stanley have announced plans to offer their customers access to crypto investments. Tesla announced a $ 1.5 billion investment in Bitcoin earlier this year and has recently accepted it as payment for electric cars.
Still, skeptics argue that digital coins were inflated by impulses that also sent stocks to record highs. Regulators around the world are stepping up their oversight and questioning its usefulness as a currency.
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