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Bitcoin hits new all-time high above $63,000 ahead of Coinbase debut

The price of bitcoin climbed as high as $63,729.5 on Tuesday, according to data from Coin Metrics. It was last trading just under $63,000. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,317. Coinbase is set to go public on Wednesday through a direct listing that could value the company at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States.Bitcoin bulls view the cryptocurrency as a store of value akin to gold that can be used to diversify investment portfolios in times of economic crisis. But skeptical economists like Joseph Stiglitz and Nouriel Roubini are unconvinced, viewing bitcoin as extremely volatile and a vehicle for illegal transactions.

Source: CNBC

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