Bitcoin Spikes to All-Time High of $63,000 USD Ahead of Coinbase IPO

Bitcoin hit an all-time high on Tuesday of about $63,000 USD, a day before cryptocurrency exchange platform Coinbase is set to go public on the Nasdaq.

CNBC said Bitcoin — currently the most valuable cryptocurrency on the market — jumped as high as $63,236 USD per coin on Tuesday, according to data from Coin Metrics. Ether also reached a record of $2,230 USD.

Bitcoin hit $60,000 USD in March, partly fueled by tweets from Tesla billionaire Elon Musk and an earlier decision by the company to buy $1.5 billion USD of the currency. Tesla also announced that it planned to accept Bitcoin as payment, further fueling the coin’s real-world application.

Coinbase is the largest cryptocurrency exchange in the U.S. and the first major player to go public. It posted a record $1.8 billion in estimated revenue earlier this month — a roughly 900 percent jump over the first quarter of 2020. The exchange was recently valued at just over $100 billion USD, a number that skeptics say may be overblown.

Bitcoin is also seeing a boom as blockchain assets continue to penetrate the mainstream. Several fast food chains and major tech companies have started accepting Bitcoin as payment for goods, and Time magazine announced that it was going to start paying its president in Bitcoin.
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