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Bitcoin Price Lifts Crypto Stocks Ahead of Coinbase Listing


15 Apr 2021

#Bitcoin

Listed firms that deal in cryptocurrencies or have exposure to them saw a field of green in global markets Wednesday, ahead of the much-anticipated direct listing of crypto exchange Coinbase on the Nasdaq. For instance, MicroStrategy, the data intelligence firm that has added huge amounts of bitcoin to its balance sheet saw its shares up 18.5% over the past few days, tracing a 7.8% jump Tuesday morning that mirrored bitcoin’s rise.

The emergence of bitcoin proxy stocks in recent months has created a cottage industry among investors who want crypto’s upside but don’t (or can’t) hold crypto itself. Indeed, JPMorgan filed to launch a “Cryptocurrency Exposure Basket” in March. The need for backdoor access to bitcoin is only heightened in the U.S., where the Securities and Exchange Commission has been extremely reticent to approve a bitcoin exchange-traded fund (ETF).

Also up in global trading was Colorado-based bitcoin mining company Riot Blockchain (NASDAQ: RIOT), which saw a 15% increase; and Canaan (NASDAQ: CAN), another mining firm that saw an 11% bump over the past 24 hours. Bitcoin, the leading cryptocurrency by market capitalization, was near all-time highs above $64,000 at press time.

Coinbase (NASDAQ: COIN), whose fortunes are closely wedded to the price of bitcoin, was slapped with a reference price of $250 ahead of Wednesday’s listing – somewhat lower than trading on private markets in the weeks running up to its debut. Coinbase coming to market is a rising tide for all crypto players, said Jonathan Rowland, CEO of London-listed cryptocurrency firm Mode, whose shares are up around 12% in the past few days. “I don’t think we have seen an uptick as high as I might have expected,” Rowland said in an interview. “We think that a lot of the crypto community who invest in shares may have taken some money off the table with some of the smaller holdings like Mode in order to buy Coinbase.”


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 53.6% 94 $19 601.45 1.08% -6.16% $374 035 671 245 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 58.8% 91 $1 069.36 1.22% -6.90% $129 781 761 094 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.998838 -0.01% -0.05% $66 155 226 088 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000222 0.01% 0.01% $55 814 989 943 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 59.6% 84 $222.98 5.98% -3.62% $36 406 780 076 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.001650 0.21% 0.09% $17 576 185 471 BUSD 7 days price change
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8 XRP (XRP) XRP XRP predictions 66.4% 72 $0.318666 0.10% -14.11% $15 405 296 738 XRP 7 days price change
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14 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 74.8% 55 $6.05 2.00% 4.28% $5 770 009 473 LEO 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64% 71 $0.000010 2.69% 0.29% $5 612 816 170 SHIB 7 days price change

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