Coinbase has much of the eyes of the stock market on cryptocurrency today. After quite a period of teasing and preparation the cryptocurrency trader is set to go public with an direct listing on the Nasdaq expected today. It’s a huge moment for the legitimacy of cryptocurrency as Coinbase represents one of the most notable platforms in cryptocurrency exchange. It can be seen throughout the valuation of various crypto today, such as Bitcoin, which reached nearly $65,000 in valuation just ahead of Coinbase’s direct listing.
Coinbase’s listing day on the Nasdaq takes place on April 14, 2021, as reported by the company itself. This follows about a month after Coinbase was valued at around $68 billion in mid-March for its upcoming listing. While some experts in the financial sector claim that Coinbase may be overvalued due to the constant volatility and nature of cryptocurrency as a whole, many agree this a “watershed moment” for cryptocurrency, as reported by MarketWatch. Nowhere can this be seen as more apparent than in the valuation of Bitcoin, which topped out at a high of $64,895 in valuation today ahead of Coinbase’s listing.
Now Bitcoin’s rising valuation isn’t simply the work of Coinbase going public. The popular cryptocurrency has been rising in value for a while on a number of factors, not the least of which was Tesla and SpaceX founder Elon Musk’s public support of it, as well as the Tesla company’s move to invest in Bitcoin and begin allowing it as an acceptable currency for transactions. With these things considered, Bitcoin has actually been on the rise for quite a while. However, other cryptocurrencies are also experiencing growth which seem to coincide with Coinbase’s listing. Dogecoin in particular, long considered to be a “meme currency,” found its way to valuation of around $.10 a unit this last week, which is notable to say the least.
As Coinbase arrives on the Nasdaq today, it and all cryptocurrency values will be well worth watching. For major news and updates on the matter, stay tuned right here at Shacknews.