Bitcoin (BTC) Price Soars 5% to Fresh Record Highs Ahead of Coinbase IPO

April 13, 2021 6:24 AM EDT

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Bitcoin (BTC) price has surged about 5% to exceed the $62,000 mark for the first time ever as traders prepare for the much-anticipated Coinbase (NASDAQ: COIN) initial public offering. Bitcoin price hit $62,750 at 04:31 EST, according to Coinbase data.

Ethereum (ETH) price has also moved higher to exceed the $2,200 handle and print new all-time highs at $2,221.

Coinbase is set to start trading publicly tomorrow through a direct listing on Wednesday that could value the California-based cryptocurrency exchange at as much as $100 billion.

“This is really good for the industry and really important for the industry at a minimum,” Marcus Swanepoel, CEO and co-founder of London-based cryptocurrency platform Luno, told CNBC.

“It’s going to increase the trust and transparency in our industry. There’s still a bit of distrust in the industry and I think having a company of that size be public is going to help a lot of people realize that this is not just an asset class to take seriously but also a business to take seriously.”

Coinbase reported it recorded quarterly revenues of $1.8 billion in the first quarter of 2021, representing an increase of about 850% from the same period a year earlier. The company’s profits soared to between $730 million and $800 million.

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