As bitcoin passes $20,000 for first time, Coinbase files for public listing

Cryptocurrency exchange Coinbase has filed a draft registration document with the Securities and Exchange Commission over a public listing.

Coinbase’s submission comes as bitcoin hits a record high amid surging interest from institutional investors.

Founded in 2012, Coinbase has more than 35 million users in more than 100 countries.

The cryptocurrency exchange has merely confirmed the filing of the registration statement – which will be subject to review by the SEC – but has not specified whether its intention are to apply for a direct listing or go for a full-blown IPO.

Elsewhere, Safello, a Swedish cryptocurrency exchange is also taking advantage of the bictcoin bull run, raising £1.3 million to cover the costs of a listing on Nasdaq’s First North Growth Market in the first half of 2021.

The price of a single bitcoin currently stands at $23,000, driving a wave of investment in cryptocurrency markets. The excitement in the markets has led to heightened speculation over bitcoin’s likely trajectory.

Simon Peters, analyst at multi-asset investment platform eToro, says: “Looking ahead, I believe that $70,000 – $90,000 is a realistic target for bitcoin to reach by next Christmas. Demand continues to outstrip supply and institutional investors continue to seek exposure to bitcoin to hedge against inflation, both of which have helped to keep the price above $20k. If that trend increases in the months to come, then prices could be driven even higher.”

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