A lot of events are flooding the crypto ecosystem in the last period, from important updates on Ethereum, to the launch of CRYPTO.COM blockchain, NFTs going mainstream and so on.
But there's one event which probably hasn't been stressed enough, which is finally bringing crypto finance and traditional finance closer and closer: on the 14th of current month, COINBASE is going, for the first time in history, to be quoted on the stock exchange.
This means that, starting from next week, Coinbase's A-class stocks will be available to be traded on Nasdaq index with COIN ticker.
What does this mean for crypto?
Coinbase now aims to change the way traditional finance looks at crypto by showing its solidity and potentially opening the way for other companies in the crypto sector. This may bring to an incredible integration of crypto and traditional finance systems.
According to Coindesk, Coinbase private valuation is floating between $50 billion and $100 billion, after a 15$ billion valuation in July 2020.
This event, anyway, may not have an immediate positive impact on crypto and on Bitcoin in particular. Last week global food delivery company Deliveroo had its IPO (Initial Public Offer) on the London Stock Exchange, and this resulted in a large sell at first.
We may expect an increase in Bitcoin volatility after 14th April, and we should also keep an eye, from now on, to options expiry.
The opinion of Willy Woo
The bitcoin statistician Willy Woo recently affirmed that he forecasts “Lots more bull market to come”.
Woo also quoted on-chain analytics service Glassnode’s active BTC supply data, which likewise suggests that Bitcoin can rise even more, before long-term holders sell for profit, causing a cycle top.
Even with Coinbase’s IPO impact on the market this month, the analyst doesn’t see Bitcoin closing below $46,400 anytime soon.
He said: “$46.4k is the price I’m modeling that we won’t visit again during in this bull market (daily close).”
Find us on
Publish0x - https://www.publish0x.com/@ronny132
Twitter - https://twitter.com/No1CryptoExpert
Telegram - https://t.me/no1cryptoexpert
Medium - https://no1cryptoexpert.medium.com/
Join Our Giveaway
Publish0x - https://www.publish0x.com/ronny132/the-first-n1ce-giveaway-100-xlm-to-win-xvwqyvz
Join Our Design Contest
Publish0x - https://www.publish0x.com/no1-crypto-expert/contest-design-our-blog-header-and-win-50-dollar-xnqgwyw
Credits
Graphics by jcomp on Freepik.com