Why one trader is ‘cautious’ on the Coinbase debut as bitcoin hits all-time high

Bitcoin is blasting higher ahead of Coinbase's public market debut.The cryptocurrency rose nearly 5% to a fresh all-time high above $63,000 on Tuesday ahead of Coinbase's direct listing, which is scheduled for Wednesday and could be valued at as much as $100 billion.Bitcoin is up a stunning 118% year to date, according to Coin Metrics.When it comes to Coinbase, investors should tread carefully, TradingAnalysis.com founder Todd Gordon told CNBC's "Trading Nation" on Tuesday."I'm a little cautious on this IPO," he said.Because the exchange's bid-ask spreads — the difference between what buyers are willing to pay for a given asset and what sellers are willing to accept — are so wide, going public could make its lofty valuation a bit of a stretch, he said."Those spreads will come in just like stocks," said Gordon, who owns bitcoin. "That's going to help initially, but I think with a valuation of [$]100 billion…

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