The price of Bitcoin reached an all -time record high on Tuesday at $ 62,741 a day before the IPO on Coinbase.
The largest U.S. cryptocurrency exchange listed on the Nasdaq on Wednesday is considered an important and meaningful moment especially among investors and cryptocurrencies.
The world’s largest cryptocurrency Bitcoin is gaining attention and acceptance in the mainstream as an investment tool and payment tool has risen by 5% on Tuesday. Its rival Ethereum also hit a $ 2,205 high.
Major firms including BNY Mellon, Mastercard Inc and Tesla Inc are among the companies that have used or invested in cryptocurrencies. Bitcoin had previously hit a $ 60,000 price level early last month, driven by Tesla’s move to buy $ 1.5 billion of digital currency for its balance sheet. For the last two weeks, BTC has been trading in that price range.
According to James Butterfill of CoinShares digital asset manager, when bitcoin reaches a new high price level then investors should expect there will be a profit -taking session.
Finally, the multifold rise of cryptocurrencies is also driven by investors looking for high -yield investment assets amid low interest rates.
