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szdaily -> World Economy -> 
Bitcoin nears record high
    2021-04-13  08:53    Shenzhen Daily

BITCOIN neared an all-time high yesterday after a record run for stocks and ahead of a listing by the largest U.S. cryptocurrency exchange.

The token rose as much as 2.6 percent to US$61,229, the highest in nearly a month but still short of the March 13 peak of US$61,742. Bitcoin is up almost ninefold in the past year, a return that towers above that of more familiar assets like equities or bullion.

Against the backdrop of Wall Street’s growing embrace of cryptocurrencies, the direct listing of digital-token exchange Coinbase Global Inc. is also stoking interest. Coinbase is due to go public on the Nasdaq on April 14, the first listing of its kind for a major cryptocurrency company and a test of investor appetite for other startups in the sector.

“Coinbase listing on the Nasdaq is as bullish a signal as possible at this current stage,” Antoni Trenchev, co-founder of crypto lender Nexo, said in an email Friday.

A growing list of companies are looking at or even investing in Bitcoin, drawn by client demand, price momentum and arguments that it can hedge risks such as faster inflation. Tesla Inc. earlier this year disclosed a US$1.5 billion investment in Bitcoin and more recently started accepting it as payment for electric cars. (SD-Agencies)

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