Bitcoin hits record high before landmark Coinbase IP

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

SULAIMANI (ESTA) — Bitcoin hit a record of $62,636 on Tuesday, extending its 2021 rally to new heights a day ahead of Coinbase’s initial public offering.

The largest U.S. cryptocurrency exchange’s listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates, according to Reuters.

The world’s biggest cryptocurrency, which has growing mainstream acceptance as an investment and a means of payment, rose as much as 5% on Tuesday.

Bitcoin topped $60,000 early last month, fueled by Tesla’s move to buy $1.5 billion of the digital currency for its balance sheet, Reuters reported.

“When bitcoin markets create new highs the price often range-traders and we witness a round of profit-taking,” Reuters quoted James Butterfill of digital asset manager CoinShares as saying.

“During this most recent period have witnessed a similar profit-taking round, which now looks to have run its course.”

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