Bitcoin breaches $63,000 threshold ahead of Coinbase’s Nasdaq debut

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  • Bitcoin hit an all-time high above $63,000 on Tuesday, extending its 2021 gains the day before Coinbase shares begin trading on the New York Stock Exchange.
  • The largest debut trade of a cryptocurrency platform in the United States will take place on Wednesday on the Nasdaq index and is considered a fundamental victory for investors who have boosted digital currencies.
  • Bitcoin is the main cryptocurrency in the world and is having a growing acceptance among large institutions as an investment and means of payment. The currency appreciated 5% on Tuesday. Its minor rival, ethereum, also hit a record high of $2,205.
  • The total market capitalization of the cryptocurrency market hit an all-time high of $2 trillion at the start of the month, according to data and market tracking firms CoinGecko and Blockfolio.
  • Large companies such as BNY Mellon, Mastercard (NYSE: MA ) Inc and Tesla (NASDAQ: TSLA ) Inc are among those that have adopted or invested in cryptocurrencies.
  • Bitcoin crossed the $60,000 threshold early last month, underpinned by Tesla’s decision to buy $1.5 billion worth of digital currency for its balance sheet. In the last two weeks, it has traded in a narrow range.
  • “When the bitcoin market makes a new high, often the price trades in tight ranges and we see a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.
  • At 1243 GMT, bitcoin added 5.36% to an all-time high of $63,401.64.
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