Categories: Crypto News
| Published On Apr 15, 2021 7:15 am CEST  |  Updated on Aug 3, 2021 5:42 pm CEST | By Peter Siu

Coinbase’s COIN is Live on Nasdaq, while Bitcoin and Ethereum jumped to new all-time highs

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After months of intense build-up towards their big day, Coinbase finally listed on the Nasdaq with ticker COIN. And the stock stayed true to its crypto nature by showing off some serious volatility on opening day.

With an initial reference price $250, COIN opened at $381 and quickly jumped to a high of around $429.54. Hereafter it reversed course to $310 once the initial craze went down. The stock closed at $328.28 with an after-hours price of $338.

April 14 saw Bitcoin reach a new all-time high at $64,890 hours before COIN went live. Interestingly, just after COIN listed, Bitcoin price dropped 5% to hit a daily low at $61,658. This drop triggered a sell-off in altcoins.

Ethereum was not affected much and continued their incredible run. In the after-hours of the day, It reached an all-time high of $2,480.85 and is currently trading around this number looking to break out again.

The number two cryptocurrency by market cap is looking extraordinarily strong. On April 15, their long-needed Berlin upgrade will go live. With Berlin, transaction (gas) fees should be coming down on the network and spurring Ethereum’s impressive growth. High “gas” fees are a burden for developers and those seeking to perform small-scale transactions.

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A good start?

Going back to COIN’s first day. Typically, stocks are volatile on their first day of trading as traders and the public are figuring out its worth. COIN is no exception to this. As a result, we cannot conclude on the success of its listing by just looking at the first day of trading.

Nonetheless today’s listing can be regarded as crypto’s biggest step yet into mainstream. Tesla, Square, PayPal, Morgan Stanley, and BlackRock all recently got their fair share of exposure. These players invested heavily in Bitcoin by putting the cryptocurrency on its balance sheet while also making it available to their large customer base.

Coinbase’s valuation is drawing attention in a different way though. And it does so with a blast. And for this you have to put COIN’s listing into context. When you consider all outstanding shares, at a stock price of $328.28, Coinbase is now valued at 85.7 billion. Facebook received a valuation of $104 billion the moment it went public. Uber was initially valued at around $82 billion.

Considering that Coinbase’s business-model is reliant on total transactions made on its platform, (mainstream) adoption of cryptocurrency is key to their success. So, when Bitcoin sends the market way up, as it has for the past few months, it means more volume for Coinbase. This is also confirmed by the numbers. As a result of the recent bull-run that Bitcoin and crypto are in, the exchange made more in Q1 of 2021 than it did in all of 2020.

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While Bitcoin maybe did not pump on the day as many expected or probably hoped for, a bullish outlook remains. Indicators show that it is on its way to a $70,000 price and more on the short-term.

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.

Tags: Bitcoin