With Coinbase due to go public on the Nasdaq this Wednesday, many investors are preparing for what they hope will be a landmark moment for global adoption of Bitcoin.
This is the first listing of a major crypto company, and marks a milestone for the cryptocurrency space. Coinbase has made a significant amount of progress over the past year, in the run up to their IPO, their first quarter revenue they reported $1.8 bn compared to $1.3 bn over the whole of 2020. The huge gains that this company has made over the past few years runs in alignment with the Bitcoin surge from the low $3,000‘s to the high $60,000’s.
With Fidelity, Square, Coinbase, and Paradigm having recently launched a crypto lobby group the ‘Crypto Council for Innovation’, hopes are that regulation will turn more favourably towards cryptocurrencies, and in turn create a new target for Bitcoin.
Matt Blom, head of sales at Nasdaq-listed digital asset company Diginex, commented on the bullish expectation for Bitcoin:
“$70,000 is the new target for the bulls. Every month this year has so far registered a new all-time high.”
Another indication of positive Bitcoin sentiment by traders and investors is the net transfer volume of Bitcoin on exchanges, which shows that Bitcoin held on exchanges has reduced in volume, with a lot of the volume moved off exchanges on to lesser liquid venues, which indicates that investors are looking to hold on to their Bitcoin, and indicates a bullish expectation by investors.
With Coinbase set to make history this week, the expectation by many bitcoin advocates is that BTC will reach a new all-time high in the run up to and following the companies public listing. Bitcoin soared to an ATH this Tuesday, reaching over $62,000, well above the previous all-time high of $61,700 in March.
Could the coinbase listing be an indication of another Bitcoin surge？ Coinbase going public on April 14th will mark the moment that crypto becomes part of the traditional financial sector, and advocates of crypto believe that this will bring in a new wave of investors and continue to add to the credibility and legitimacy of cryptocurrency markets.