Coinbase IPO, the world’s largest cryptocurrency exchange

Tram Ho

Cryptocurrency exchange Coinbase has officially submitted an IPO, which has added to the momentum of the cryptocurrency market to fly even higher.

Founded in 2012, Coinbase is a platform that helps users buy, sell and store digital currencies like Bitcoin and Ether. This is seen as a digital broker – directly competing with Coinmama, CEX.IO and Gemini. According to information from CNN, Coinbase plans to go public in December.

 Sàn giao dịch tiền số lớn nhất thế giới Coinbase IPO - Ảnh 1.

The company talked about its plans to list shares on the Nasdaq with the COIN ticker. According to information on the Coinbase website, 43 million investors in more than 100 countries are using Coinbase, representing a transaction value of $ 455 billion and $ 90 billion in assets across the platform.

After a year of controversy, Bitcoin has finally gained a certain amount of credibility. Interest in Bitcoin and other cryptocurrencies has increased significantly during the pandemic and some investors want to pour money here amid a weakening US dollar.

Total Bitcoin transactions are now over $ 1 trillion in the past week as the price per coin has risen to almost $ 60,000. Bitcoin’s price has been falling since then and is currently trading around $ 51,000.

Tesla, Mastercard, Bank of New York and many other major companies have all openly stated that they have invested significant amounts in bitcoin in recent months, strengthening the legitimacy of Bitcoin. Robinhood has an average of 3 million customers trading new cryptocurrencies each month this year. The best month of 2020 saw them have 401,000 new crypto clients.

However, Bitcoin and other cryptocurrencies still witnessed strong volatility and fluctuating prices.

On the 3rd day, Bitcoin price dropped by more than $ 6,500 to below $ 47,700. This is 10% lower than the price on Sunday.

This is the result of Elon Musk’s idle comment on Twitter: “Bitcoin and Ether prices are a bit high!”. In addition to the Bitcoin price plunging shortly thereafter, Tesla’s share price also fell, blowing $ 15 billion of Elon Musk’s fortune to make him no longer the richest man in the world.

Also after this incident, many experts expressed concern when Tesla’s stock was under the influence of Bitcoin.

Investment firm Wedbush analyst Dan Ives said Tesla shares were “tightly tied” to bitcoin after Elon Musk’s firm bought $ 1.5 billion of the cryptocurrency last month.

While Tesla’s bitcoin purchases represent only a “small amount” of the company’s overall cash balance, it is a fact that Wall Street along with its investors have begun to tie bitcoin and numbers. electric vehicle manufacturers’ divisions together, according to Ives.

“Tesla probably made $ 1 billion in paper profits when buying bitcoin in January, more than it would make from the basic auto business in the whole of 2020,” he said. “But the consequence of it is that bitcoin’s sideline performance is likely to eclipse Tesla’s electric car growth story in 2021 and beyond, in the eyes of everyone.”

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Source : Genk