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Bitcoin hits record high before landmark Coinbase IPO By Reuters

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Bitcoin hits record high before landmark Coinbase IPO By Reuters

© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph

LONDON (Reuters) -Bitcoin hit a record of $62,741 on Tuesday, extending its 2021 rally to new heights a day ahead of Coinbase’s initial public offering. The largest U.S. cryptocurrency exchange’s listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates. The world’s biggest cryptocurrency, which has growing mainstream acceptance as an investment and a means of payment, rose as much as 5% on Tuesday. Smaller rival also reached a record high of $2,205. Major firms including BNY Mellon (NYSE:), Mastercard Inc (NYSE:) and Tesla (NASDAQ:) Inc are among those to have embraced or invested in cryptocurrencies. topped $60,000 early last month, fuelled by Tesla’s move to buy $1.5 billion of the digital currency for its balance sheet. For the past two weeks, it had traded in a tight range. “When bitcoin markets create new highs the price often range-trades and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.
“During this most recent period have witnessed a similar profit-taking round, which now looks to have run its course.” The multi-fold rise in cryptocurrencies is also driven by investors seeking high-yielding assets amid low interest rates.
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