What the Coinbase listing means for the price of bitcoin and other cryptocurrencies

Bitcoin has been surging to record highs, ahead of Wednesday's stock debut of crypto exchange Coinbase, and some analysts say the offering could be a potential pivotal moment for cryptocurrencies.Bitcoin was trading up more than 5% Tuesday, above $63,220, according to Coin Metrics. Coinbase's direct listing is expected to be a watershed moment for the crypto world and is likely to result in new offerings from other crypto-related entities. Coinbase is expected to price upwards of $60 billion and to as much as $100 billion."I'm not surprised the cryptos are running. Part of this is for the crypto community, nobody wants to be selling in front of the Coinbase offering," said Fundstrat founder Tom Lee. "In the crypto market, if the sellers are on a selling hiatus, the price is going to keep going up...It's kind of like you have a selling strike in front of the listing."Other cryptocurrencies also…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE