BTC hit new record as first crypto exchange goes public!

What happened?

Bitcoin hit a record high of $62,650 today, driven by encouraging news:

It’s one of the most significant events for crypto fans in 2021. Why?

1. It will be the first listing of this kind for a cryptocurrency company. It’s so intriguing as if this listing goes well, it will open the doors for other start-ups in the sector.
2. Most of the time, companies that make their debut on the market aren’t profitable at the beginning. Here’s another story. The company has already revealed astonishing earnings that might push the stock price up on April 14th. Coinbase ended 2020 with a revenue of $1.1 billion. What is more impressive is that the company’s revenue for the first quarter of 2021 has already surpassed the revenue for the entire 2020 year: $1.8 billion. Wow!
3. Coinbase is one of the most fascinating companies to go public in recent history! Some analysts believe such a huge hype over this event may lead to an extremely high valuation. By some estimates, the company may reach $80 billion or even $100 billion.

According to crypto lender Nexo: “Coinbase listing on the Nasdaq is as bullish a signal as possible at this current stage”. Some investors have doubts over the company’s stability as cryptocurrencies are volatile, but anyway it will be interesting to follow and should improve the market sentiment. BTC/USD, other cryptocurrencies, Nasdaq, and other stocks will be mostly impacted! Follow the event on April 14 and keep an eye on the charts!

What’s happening with Bitcoin?

BTC/USD is trading inside the ascending channel. If has managed to break the all-time high of $62,650, therefore, the way up to the next round number of $65,000 is clear now. Such a great event may even drive Bitcoin to $70,000 – everything is possible!

After the hype dies down, BCT/USD may drop. If it drops below the psychological level of $60,000, it may drop to the recent low of $59,500.

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Author: FBS Analyst Team

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