FX.co ★ BTC hits all-time high after Coinbase listing on Nasdaq

Bitcoin reached the historical high, which was in line with our yesterday's forecast. Currently, bitcoin has all chances to continue its explosive growth.

Today the largest US cryptocurrency exchange's listing has occurred on the Nasdaq, which is considered a landmark victory for cryptocurrency enthusiasts. Bitcoin hit a record level of $62,741 a day before the listing of Coinbase shares. "When bitcoin markets create new highs, the price often range-trades and we witness a round of profit-taking," James Butterfill of digital asset manager CoinShares stressed.

Coinbase is a regulated US trading platform. It was founded in 2011 by Brian Armstrong, who previously worked at AirBnb, and Freed Airman, a former employee of Goldman Sachs.

Since 2013, Coinbase has been receiving large amounts of investment from venture capital investors such as Union Square Ventures, Andreessen Horowitz, and the New York Stock Exchange.

This is one of the very first US crypto exchanges licensed to operate in the United States. It is also one of the few crypto platforms that offer unhindered wire transfers. "The Coinbase IPO is a seminal moment for the digital assets industry. From tomorrow, there is an exchange tradeable instrument for [asset managers] to participate in this paradigm change, and this is having a big impact on Bitcoin's price," Pete Cheyne, founder of Bottlepay, a bitcoin-based payments app, said.

However, not everyone can get access to Coinbase. It is not available for investors from the CIS countries as well as for residents of regions that are included in the list of US sanctions. In addition, the crypto exchange has weak technical support, and it is still difficult to solve this problem. Technical problems on Coinbase occur quite often due to the volatility of bitcoin. The bitcoin rally turns into a real challenge for the platform as its capacities are not enough for such a flow of traders.

Notably, one significant feature of Coinbase's listing is that it is not an initial public offering (IPO). Coinbase chose to come to market via a direct listing. It differs from the initial public offering as Coinbase will sell its shares directly to market participants without resorting to financial intermediaries and without paying any commission to anyone.

Coinbase shares will start trading on the Nasdaq under the COIN ticker today. For the crypto traders, this is a landmark victory and a sign of recognition. Naturally, it attracts new investors to digital currencies.

I will talk in detail about listing in my next article. So, let's get back to bitcoin. In order to determine the possible all-time highs, the Fibonacci Expansion tool was used. It was placed at the lows of March 25 and April 7. On the chart, the new Fibonacci Expansion is purple.

At the time of writing this article, the bitcoin price broke through the level of 61.8 of the purple Fibo Expansion and after consolidation rolled back to it. Now on the chart the situation is twofold. Therefore, there are two scenarios for bitcoin. If the 61.8 Fibo Expansion support is not broken and the price bounces up from this level, BTC/USD will gain momentum. It may move to the next target level of the 100 Fibo Expansion, which is located just above $67,000.

There is an alternative scenario as well. BTC may break the level of 61.8 on Fibo Expansion and move to the area of 1048.64 - 61759, located at the previous historical highs. If it consolidates below these levels, it will signal the beginning of a significant correction of the number one cryptocurrency.