The Coinbase cryptocurrency exchange application seen on the screen of an iPhone.
Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase.
The price of bitcoin climbed as high as $63,236, according to data from Coin Metrics, before easing slightly to around $62,877. It was last up about 5% in the last 24 hours. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,230.
Coinbase is set to go public on Wednesday through a direct listing that could value the company at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.
“This is really good and really important for the industry,” Marcus Swanepoel, CEO and co-founder of London-based cryptocurrency platform Luno, told CNBC. “It’s going to increase the trust and transparency in our industry.”