Bitcoin Rallies to All-Time High as Traders Eye Coinbase Listing

by BLOOMBERG

Bitcoin jumped to an all-time high as the mood in cryptocurrencies turned bullish before Coinbase Global Inc. goes public.

The token rose as much as 4.3% to $62,531, exceeding the previous peak in March.

Crypto bulls are out in force as growing list of companies embrace Bitcoin, even as skeptics doubt the durability of the boom. In one of the most potent signs of Wall Street’s growing acceptance of cryptocurrencies, Coinbase will list on the Nasdaq on April 14 at a valuation of about $100 billion.

“It’s the evolution of an industry that used to sit on the periphery,” said Nick Jones, CEO and co-founder at cryptocurrency wallet Zumo. “It really blurs the lines between crypto and more traditional financial institutions.”

Goldman Sachs Group Inc. and Morgan Stanley have announced plans to offer their clients access to crypto investments. Tesla Inc. earlier this year disclosed a $1.5 billion investment in Bitcoin and more recently started accepting it as payment for electric cars.

Still, some skeptics argue that digital coins have been inflated by stimulus that’s also sent stocks to records. Regulators around the world are stepping up oversight and casting doubt on its usefulness as a currency.

Coinbase’s public debut this week is also boosting the digital coins of other cryptocurrency exchanges, such as Binance Coin, which has jumped to become the third-most valuable cryptocurrency behind Bitcoin and Ether.