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BTC hit new record as first crypto exchange goes public!

BTC hit new record as first crypto exchange goes public!

Information is not investment advice

What happened?

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

Coinbase Global Inc., the leading cryptocurrency exchange in the US, will go public on the Nasdaq index on April 14!

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 Nasdaq?

US 100 (Nasdaq) has failed to cross the all-time high of 13,890 so far. Such great news should definitely push it further up to fresh records! On April 14 or maybe even today, the sentiment should change and the stock index is likely to reverse up. If it breaks through the recent highs of 13,890, it will rally up to 14,000, but this target is too close. Who knows, maybe the psychological mark of 14,250 may be reached! However, after the hype dies down, the natural retracement may come. Support levels are at the low of April 7 at 13,550 and the 50-day moving average of 13,250.

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