Bitcoin breached the $64,000 level for the first time as traders turned their attention to Coinbase Global Inc.’s public debut.
The token was volatile during the morning, trading up 1.4% at $64,100 as of 9:54 a.m. in London. The world’s largest digital currency has risen for seven straight sessions, its longest winning streak since the start of the year.
All eyes are on Coinbase’s debut in what may prove to be a watershed event for cryptocurrencies and potentially the largest direct listing ever. If Coinbase is valued at $100 billion as expected, it would be worth more than the New York Stock Exchange and Nasdaq Stock Market combined.
“It’s a huge step forward for the industry and the legitimacy it brings in the eyes of investors and regulators,” Mati Greenspan, founder of Quantum Economics, said on Bloomberg TV.
Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin to a 120% rally this year, as well as lifting other tokens to record highs. That’s despite lingering concerns over their volatility and usefulness as a method of payment. Attention from regulators is poised to intensify as Coinbase becomes a public company.
“As the direct listing on the Nasdaq will reach a wider investment base other than the usual crypto evangelists, investors must expect much greater government scrutiny,” said Nigel Green, CEO and founder of deVere Group.