After a direct listing in Nasdaq, cryptocurrency trading platform Coinbase witnessed a highly volatile trading day. It was a historic day for all cryptocurrencies. But looks like now the fate of Coinbase’s trading life and popular cryptocurrency Bitcoin (BTC) may be intertwined.
While the news of listing of the trading platform in traditional exchange soared the prices of BTC, the currency’s value also nosedived soon after the share price of Coinbase fell. After opening at $381 at around 1.30 pm ET, Coinbase shares surged to touch $429.54, only to drop later. It touched the low of $310.00 around 3 pm ET. Coinbase shares closed at $328.28, after a rollercoaster trading day.
Alongside, popular cryptocurrency BTC saw a surge in its valuation, to touch an all-time high of $64,829.14. At 11.15 pm, BTC was trading at $62,950.88, according to Coindesk. Bitcoin touched a 24-hour low of $61,400.28, during the trading session of Coinbase. This impact was also seen on Ethereum and other cryptocurrencies. Meanwhile, according to a Bloomberg report, the price of Bitcoin could climb as high as USD 4,00,000 this year. Bitcoin increased a little over 50 times to the peak in 2017. So keeping that trend in mind, USD 400K value is estimated.
While Coinbase was well above the reference price of $250, its share dropped from its first trade of $381. The company was able to hit a valuation above $100 billion after this listing.