Nonetheless, experienced investors argued the biggest reason behind Bitcoin’s surge above $63,000 is linked to Coinbase’s initial public offering on the Nasdaq which was set to be completed on Wednesday.
Matt Blom, head of sales at Nasdaq-listed digital asset company Diginex, said “$70,000 is the new target for the bulls.”
“Every month this year has so far registered a new all-time high.” He added:
Bitcoin surge followed Coinbase’s direct listing
The public listing of Coinbase will be the largest listing of a digital currencies company to this date. The company gained $1.8 billion in revenue in the first quarter of 2021. Additionally, the exchange said in March, the private market transactions were valued at around $68 billion
“Bitcoin’s rally today is likely driven by the commotion around the Coinbase listing”. said Ben Caselin, head of the strategy at cryptocurrency options exchange AAX.
“However, after consolidating around the $55,000 level for over a month, bitcoin’s upswing has also been a long time coming.”
