Tuesday 13 April 2021 10:28 am

Bitcoin hits record high ahead of Coinbase IPO tomorrow

Bitcoin hit a record high of $62,839 this morning, marking yet another record this year for the world’s most popular cryptocurrency.

Bitcoin topped $60,000 early last month, fueled by Tesla’s move to buy $1.5bn of the digital currency for its balance sheet. For the past two weeks, it had traded in a tight range.

Major firms including BNY Mellon, Mastercard and Tesla are among those to have embraced or invested in cryptocurrencies.

The new record comes ahead of Coinbase’s IPO tomorrow. The cryptocurrency exchange will float on the Nasdaq under the ticker ‘COIN’.

Naeem Aslam, chief market analyst at Ava Trade, said tomorrow’s IPO presented more good news for Bitcoin and crypto enthusiasts.

“Coinbase having an IPO is one of the biggest news for Bitcoin as it sends a very clear signal that regulators aren’t going to take that much of a tougher stance against the cryptocurrency.

“Coinbase’s IPO is likely to bring more money inflow for Bitcoin, and more importantly, it is also going to increase the odds of Bitcoin ETF finally getting the green light from US regulators as well,” he added.