Bitcoin hits record before landmark Coinbase listing on Nasdaq

Bitcoin hits record before landmark Coinbase listing on Nasdaq

The largest U.S. cryptocurrency exchange’s listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates.

The world’s biggest cryptocurrency, which has growing mainstream acceptance as an investment and a means of payment, rose as much as 5% on Tuesday. Smaller rival Ethereum also reached a record high of $2,205.

Major firms including BNY Mellon (NYSE:BK), Mastercard Inc (NYSE:MA) and Tesla (NASDAQ:TSLA) Inc are among those to have embraced or invested in cryptocurrencies.

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

“When bitcoin markets create new highs the price often range-trades and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.

“During this most recent period have witnessed a similar profit-taking round, which now looks to have run its course.”

The multi-fold rise in cryptocurrencies is also driven by investors seeking high-yielding assets amid low interest rates.

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