Dow Today – CORRECTED-UPDATE 1-Bitcoin hits record high before Coinbase listing
(Removes reference to IPO in headline and first para)
LONDON, April 13 (Reuters) – Bitcoin hit a record of $62,741 on Tuesday, extending its 2021 rally to new heights a day before Coinbase’s share listing in the United States.
The largest U.S. cryptocurrency exchange’s listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates.
The world’s biggest cryptocurrency, which has growing mainstream acceptance as an investment and a means of payment, rose as much as 5% on Tuesday. Smaller rival Ethereum also reached a record high of $2,205.
“When bitcoin markets create new highs the price often range-trades and we witness a round of profit-taking,” said James Butterfill of digital asset manager CoinShares.
“During this most recent period have witnessed a similar profit-taking round, which now looks to have run its course.”
The multi-fold rise in cryptocurrencies is also driven by investors seeking high-yielding assets amid low interest rates. (Reporting by Thyagaraju Adinarayan and Tom Wilson; editing by Iain Withers, Larry King)