Hindustan Times (Jammu)

BITCOIN SOARS TO RECORD BEFORE COINBASE LISTING ON NASDAQ

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Bitcoin hit a record of $62,741 on Tuesday, extending its 2021 rally to new heights a day before the listing of Coinbase shares in the US.

The largest US cryptocurr­ency exchange’s listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurr­ency advocates.

Bitcoin is the world’s biggest cryptocurr­ency, with growing mainstream acceptance as an investment and a means of payment. It rose as much as 5% on Tuesday. Smaller rival Ethereum also reached a record high of $2,205. The overall cryptocurr­ency market capitaliza­tion hit an all-time peak of $2 trillion earlier this month, according to data and market trackers CoinGecko and Blockfolio.

Major firms including BNY Mellon, Mastercard Inc and Tesla Inc are among those to have embraced or invested in cryptocurr­encies.

Bitcoin topped $60,000 early last month, fuelled by Tesla’s move to buy $1.5 billion of the digital currency.

“When bitcoin markets create new highs, the price often rangetrade­s and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.

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