Bitcoin and Crypto Brace for Nearly $ 100 Billion Coinbase ‘Boom’ As Bitcoin Price Suddenly Rises

Bitcoin jumped to an all-time high of $ 62,000 per bitcoin over the weekend as the cryptocurrency market prepares to launch Coinbase to the public.

Bitcoin’s price has added more than 5% over the past few days as the wider crypto market and smaller tokens recorded even greater gains – pushing the combined value of the world’s cryptocurrencies to over $ 2 trillion.

With the San Francisco-based bitcoin and cryptocurrencies looking to value over $ 90 billion when they are listed on the high-tech Nasdaq exchange on Wednesday April 14th, the bitcoin and cryptocurrency market is preparing for one of its biggest weeks ever.

More Bitcoin Price Prediction: Why Bitcoin Price May Rise to $ 400,000 in 2021

Bitcoin spiked ahead of Coinbase’s IPO this week, edging towards … [+] The highest is approximately $ 62,000 per bitcoin.

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Coinbase, one of the world’s largest cryptocurrency exchanges with 56 million verified users, will not release any new entries to its initial public offering (IPO) this week in what is known as a direct listing.

The company’s latest results, released last week, showed that it made first-quarter profits from $ 730 million to $ 800 million – more than double what it earned in the whole of 2020. Last year, Coinbase recorded $ 1.3 billion in revenue with a profit of $ 322 million.

Meanwhile, Coinbase’s trading volume also increased, rising to $ 335 billion in the first three months of 2021, compared to $ 193 billion for the whole last year.

Coinbase’s growing numbers come amid the latest bull market for Bitcoin and cryptocurrencies that has seen the price of Bitcoin rise nearly 500% since October, helped by the rise of long-awaited institutional adoption and Tesla TSLA billionaire Elon Musk who gave Bitcoin his support.

Along with its results, Coinbase said last week: “The cryptocurrency markets have observed four major price cycles since 2010 which usually ranged from two to four years.”

“On average, these price cycles have greatly increased the total market value of cryptocurrencies from the previous one and attracted new users into the cryptocurrency economy. These cycles can be highly volatile, and as a result, we measure our performance on price cycles instead of results. Quarterly. We believe we can create long-term value during these price cycles. “

The Coinbase IPO is the first of its kind for a major cryptocurrency company, and it will be closely watched by other crypto startups contemplating an IPO as they try to gauge investor demand.

Coinbase’s biggest rival in the US, Kraken, is considering going public via direct listing in 2022, CNBC reported last week.

“We are looking to go public at some point in the next year,” said Jesse Powell, CEO of Kraken, referring to Kraken’s record bitcoin trading volume in the first quarter of 2021, referring to Kraken’s record bitcoin trading volume in the quarter. The first is from 2021. “Possibly direct listing, similar to Coinbase.”

Some believe that a Coinbase IPO will herald the beginning of a “blockchain boom”, similar to the explosion of internet companies in the late 1990s.

“The Coinbase IPO is Netscape’s moment for cryptocurrencies in the wider public markets and will set fire to all crypto assets and especially public market stocks related to cryptocurrencies,” says Keld van Schreven, managing director and co-founder of crypto investor KR1. Comments via email. “The IPO is also a huge growth opportunity for Coinbase users as the hype and the public relations created will definitely include more users in the IPO and subsequent stock price increases.”

“The Netscape IPO marked the beginning of the dotcom boom,” Pete Flint, founder of venture capital firm NFX, told The Times of London. Currency base [float] It will mark the beginning of the blockchain boom. “

More Forbes, billionaire Mark Cuban reveals why he thinks Ethereum will “ dwarf ” Bitcoin because the cryptocurrency market price reaches $ 2 trillion

Bitcoin’s price has added nearly 800% over the past 12 months, however, in early 2021 … [+] Bitcoin’s rally has stopped boiling in the last month or so.

Queen Biz

However, some investors are skeptical that Coinbase will be able to meet the rising market expectations.

“Despite Coinbase’s revenue soaring over the past twelve months, the company has little or no chance of meeting future earnings projections that are being collected in its ridiculously high valuation of $ 100 billion,” says David Trainer, chief research officer. The investment company, New Constructs, I wrote in a note last week.

“Cryptocurrency markets are very small and we expect more companies to compete for the profits Coinbase enjoys today. As the cryptocurrency market matures, we expect Coinbase’s transaction margins to drop significantly.”

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