Bitcoin is currently trading at record highs of $64,500 as cryptocurrency fever spreads amid the listing of Coinbase on Nasdaq.
Many believe the listing of Coinbase, which is one of the longest-running Bitcoin exchanges, will finally legitimise the industry among institutional investors.
Early estimates predict that Coinbase will be faced with a valuation more than $100 billion, making it more valuable than the Intercontinental Exchange that owns the New York Stock Exchange.
The price of Bitcoin has increased as expected this week as traders attempt to capitalise on the latest breakout to a new all-time high following two months of consolidation below $60,000.
From a technical perspective, there are certainly a number of signs that indicate how frothy the market is, notably the bearish divergence on Bitcoin’s daily chart from each higher high, but in the short-term it appears that continuation is on the cards.
It’s worth noting that a news event like Coinbase may become a “sell the news” event amongst savvy traders, much in the same was as Bitcoin fell from an all-time high of $20,000 in 2017 after being listed on the CME.
Levels of support remain at $61,800, $59,900 and $58,500, although the trajectory very much depends on the perceived bullishness of the Coinbase share price at open today.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.