Bitcoin neared an all-time high on Monday as bullish sentiment gathered steam before an inventory by the most important U.S. cryptocurrency exchange.
The token rose the maximum amount as 2.6% to $61,229, the very best in nearly a month, before falling back to trade little changed. On March 13, Bitcoin reached a record of $61,742. The cryptocurrency is up almost ninefold within the past year, a return that towers above that of more familiar assets like equities or bullion.
Against the backdrop of Wall Street’s growing embrace of crypto, the direct listing of digital-token exchange Coinbase Global Inc. is fanning interest. Coinbase is thanks to go public on the Nasdaq on Pan American Day , the primary listing of its kind for a serious cryptocurrency company and a test of investor appetite for other start-ups within the sector.
Meanwhile, exchange tokens, like Binance Coin, are seeing their value rise before Coinbase’s public debut also . Binance’s, referred to as BNB, rose 23% Monday, consistent with CoinMarketCap.com. Huobi Token and KuCoin Token, among others, also gained.
“A crypto company moving to IPO may be a big milestone,” said Nick Jones, CEO and co-founder at cryptocurrency wallet Zumo. “It’s moves like this that make consumers feel safer with crypto and ultimately boost confidence within the space.”
A growing list of companies are watching or maybe investing in Bitcoin, drawn by client demand, price momentum and arguments that it can hedge risks like faster inflation. Tesla Inc. earlier this year disclosed a $1.5 billion investment in Bitcoin and more recently started accepting it as payment for electric cars.