Coinbase is now a publicly traded company. The Nasdaq listing (NASDAQ shares) took place on April 14th. In addition to having a positive effect on the US-based cryptocurrency exchange, the fact also offers Bitcoin to a much larger pool of investors and is likely to drive the digital currency to a new high of $ 70.000 and beyond. .
According to Mike McGlone, Bloomberg's Senior Commodity Strategist, Bitcoin and Tesla (who currently owns arguably one of the largest institutional investments in BTC) are now interconnected, with bitcoin likely to exceed $ 70.
“The lowest 30-day volatility since October indicates that Bitcoin is mature and on its way out of its cage. The continuation of the bull market is favored for the next $ 10.000 move. Similar to the allocation of Tesla's equity in Bitcoin ”.
Excitement about Coinbase's listing floods the market
Retail traders and other large institutions with substantial BTC purchases are also expected to reap magnificent profits. For example, MicroStrategy, one of the most consistent direct buyers of BTC since Q2020 3,5, is currently up $ 4 billion on its BTC position. The valuation is nearly 747 times the net income of $ 15 million the company has generated over the past XNUMX years.
Many retail traders have also promised to keep their Coinbase shares as their value is set to rise higher. Former Grayscale CEO Barry Silbert tweeted: “I will not sell you any of my coinbase shares for $ 250. Try again".
Bitcoin's new ATH ushers in a new trend in the commodity market
According to data from CMC, Bitcoin has reached a new all-time high, but speculatively intermediate, of $ 64.863. On-chain metrics provider Glassnode said, “#Bitcoin has created a new ATH and the market has started building new on-chain support. Over $ 245 in BTC moved on-chain at $ 62 higher prices. This follows the significant shift of $ 1,909 million in BTC in the previous $ 1 trillion consolidation zone. "
The major digital asset slid 2% on the day, and is now trading around $ 62.854 after a slight correction. McGlone added that Bitcoin's confidence level as an investment tool is high and will likely surpass that of gold:
"$ Bitcoin is on track to outperform the world's largest #commodity ETF: In a world that goes digital, we believe #gold symbolizes the diminishing potential for sustained advances in commodity prices, particularly versus Bitcoin . Cryptography is a great example of how the advancement of innovation suppresses everything else ”. And what do you think of it? Have you already started investing or are you still waiting for further signals?