Bitcoin PriceCoinbaseMarkets

What Could Happen To The Price Of Bitcoin As Coinbase Goes Public?

As Coinbase is set to go public via direct listing, how will Bitcoin (and the BTC price) be impacted?2021 is shaping up to be a landmark year for the cryptocurrency landscape. While bitcoin is continuing to discover new all-time price highs, one of the industry’s leading exchanges, Coinbase, is set to go public via a direct listing — heralding a new era for digital finance. According to Bloomberg, shares in Coinbase traded between $350 and $375 based on a recent private Nasdaq auction — indicating a pre-IPO company value of up to $100 billion. How Bitcoin Has Grown Coinbase SourceAs we can see from the chart above, as bitcoin’s price has grown, so too has the trading volume that Coinbase has experienced. As the final quarter of 2020 brought with it new all-time highs for the world’s first cryptocurrency, trading volume on the exchange nearly doubled — bolstered by an unprecedented level of institutional traders.SourceIn the chart above, we can see how BTC has rallied throughout Q4 2020 and into Q1 2021 — growing by almost 1,000 percent compared to Q1 2020.While this exponential growth has undoubtedly given Coinbase a significant amount of leverage in its plans to go public, could the exchange’s arrival on Wall Street, in turn, bring much more confidence in the wider cryptocurrency landscape for the average investor? Coinbase’s Reliance On BitcoinIt appears that Coinbase’s decision to go for a direct listing rather than through investment bank underwriting has been made as a subtle nod to the company’s long-standing …
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