Bitcoin basking in optimism about the Coinbase IPO; And fear of missing out on the next exciting race
Written by Yassin Ibrahim
Investing.com – A currency rose to an all-time high on Wednesday, fueling cryptocurrency optimism ahead of Coinbase’s direct listing, sparking bullish calls from experts who cite fear of losing or fear of missing out, which will drive the cryptocurrency higher next.
BTC / USD rose 5% to $ 63,076.0, and hit a record high of $ 63,476.
“Higher prices will force those companies that are still on the sidelines to enter the market. It may be volatile because it focuses on increasing returns, but new rises in Bitcoin will only exacerbate the current imbalance between supply and demand, and will lead to a rise in the market value, beyond all expectations.” The current market, “said Seamus Donoggio, Vice President of Strategic Alliances at Metaco, the digital asset ecosystem infrastructure provider.
The recent rally in Bitcoin was not surprising on the back of the limited supply of Bitcoin, the recent volatility in tech sector stocks and the direct listing of Quibas, scheduled for Wednesday, under the symbol “Coin”.
“In the week that the cryptocurrency giant Coinbase is expected to reach $ 90 billion in its public listing, it is not surprising that Bitcoin has exceeded $ 60,000.”
Others agree, pointing to the direct listing of Coinbase as another endorsement of Bitcoin and the wider cryptocurrency ecosystem.
“Expectations about COIN’s debut are high, with some projections placing the value at over $ 100 billion.” DA Davidson said in a note that cryptocurrency investors see the listing as a milestone in space, after years of investor skepticism about the viability of cryptocurrencies like Bitcoin “.
Bitcoin has risen about 118% since the start of the year, driven by increased participation from Wall Street as the popular cryptocurrency continues to cement its reputation as a store or value, or “digital gold.”
Major banks including Goldman Sachs (NYSE: GS), JPMorgan (NYSE: JPM) and Morgan Stanley (NYSE: MS) have entered the cryptocurrency market, with the latter recently partnering with NYDIG and Galaxy Digital to deliver their highest levels. Net worth customer access to Bitcoin.
“While interest in Bitcoin as a payment method is undeniably accelerating and driving interest in the market, the dominant narrative is still in Bitcoin as digital gold, with the price expected to continue to rise,” Donoghue said.
Bitcoin’s record rally is showing no signs of stopping as recent data on the chain indicates strong growth in new bitcoin “hackers”, and there are other signs that long-term demand is showing no sign of abating.
The volume of BTC held in all stock exchange portfolios is at its lowest level for the year so far at 2.22 million combinations, according to Cryptoquant, indicating that investors are continuing to move BTC to private wallets for long-term storage.
A currency shines strongly as well, rising by more than 30%, to return to the top five digital currencies.