Having a cryptocurrency exchange be listed on the NASDAQ is funny because cryptocurrency is thought to be decentralised meaning the government does not control it's supply and cannot produce more Bitcoin for example when it is in high demand.
So it is funny that Coinbase chooses to list on the financial market which is usually manipulated or controlled by institutional investors. However, being the first major cryptocurrency start-up listed in the US market, it has added more credibility to cryptocurrency showing it's power as it's listing IPO price beats the original reference price of USD$250.
Read more: Q1 2021 Portfolio Update | Crypto, Stock Holdings and Dividends
Coinbase IPO Price
Coinbase opened at $381 and quickly shot up as high as $429.54, before closing for the day at $328.28. It is amazing how valuations are nowadays with IPOs being so hot. From Airbnb to Slack and Roblox, IPOs really are red hot as people want to snag a piece of it for themselves. There is so much volatility and excitement in the stock market that at times, it kinda scares me as price increases and decreases at such a rapid pace. All right, back to the topic of Coinbase.
Cryptocurrency prices leading up to Coinbase IPO
What it did was also to drive cryptocurrency prices up with Bitcoin hitting USD$64,000 and dogecoin hitting ATH. Coinbase being able to do a direct listing definitely boost the confidence that cryptocurrency is definitely here to stay. Traditional banks will now have extra competition as different storage avenues are available and people can have more exposure to them.
Coinbase has also mentioned that their business results would fluctuate with the volatility of crypto assets. This is a huge step into exposing more people to cryptocurrency and those who have stood with it since the beginning can finally see all the aspiration and ideas come true.
Read more: Let’s talk about Cryptocurrency | Revealing my Crypto holdings
Making history
It is amazing to be witnessing this whole thing and it will go down in history. I am happy to be able to record this down in my blog. There are just so many things happening that is worth recording. Let's see 10 years from now, how different would cryptocurrency be?
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