Bitcoin Price Soars to Record High $63,000 Ahead Coinbase IPO Launch

Bitcoin price reaches a new all-time high after it reaches the $63,000 mark, breaking its own record when it reached $60,000 in early March 2021.

The news comes ahead of Coinbase's IPO launch scheduled on Wednesday, Apr. 14.

Bitcoin's Record-Breaking Price Rally

Bitcoin, which represents over half of the world's cryptocurrency market, had more than doubled its price in 2021.

According to CNBC's report on Apr. 13, the price of Bitcoin climbed at $63,236 before easing around $62,877.

Previously, the price surged as much as 4.7 percent reaching its previous record above $62,700 amid rumors that it would gain more mainstream acceptance as a store of value.

Large corporations have been seen embracing the cryptocurrency, with Elon Musk's Tesla investing some of its corporate cash and announcing to accept Bitcoin as a mode of payment for its products.

Software firm MicroStrategy also puts its confidence in the cryptocurrency, after announcing that it will start paying fees to directors of the company's board in Bitcoin in place of cash, Bitcoin news reported on Apr. 12.

Additionally, Bitcoin bank Silvergate Capital shares soared up more than 120 percent in 2021, after its CEO Alan Lane decided to venture into cryptocurrencies upon seeing its potential in 2013.

"We started with crypto deposit accounts for customers and quickly learned that companies need more help beyond traditional 40-hours-a-week banking," Lane said. "We needed to build a bank for a 24/7 digital world."

Coinbase IPO: A Milestone for Cryptocurrency Fans

On Apr. 2, Coinbase announced its plan to go public after securing regulatory clearance for its direct listing from the Securities and Exchange Commission.

Experts projected that the value of the company could reach as much as $100 billion when it goes public on Apr. 14.

Coinbase will be trading under Nasdaq under the COIN stock ticker, making the company its first major direct listing.

According to Nasdaq's report on Apr. 6, other details about Coinbase's direct listing are still unknown, including the number of shares of Class A common stocks it plans to resell during the offering.

Coinbase also has not revealed the IPO price range and the voting power the common stockholders will have.

Moreover, Coinbase's plan to list its common stock directly is a deviation from the normal practice of hiring a back to act as the broker during its IPO.

The decision will give current investors the option to sell their shares to new investors once Coinbase goes public.

Coinbase opted for the direct listing route because of its role as a tech-focused cryptocurrency exchange, with its platform gives 43 million retail users access to the crypto economy.

The company's platform also gives access to 7,000 institutions and 115,000 partners across the globe.

This article is owned by Tech Times

Written by Lee Mercado