Apr 26, 2021 6:45 AM EDT
Bitcoin was on track for its biggest bounce since February following a tweet with an intentional typo from Tesla (
TSLA) - Get Report co-founder and CEO Elon Musk that appears to have re-instilled faith in the world’s largest cryptocurrency.
Bitcoin jumped 6.13% to $52,876, up from an overnight low of $47,079, following a two-week stumble, according to CoinDesk. The digital asset set a record of $64,829 earlier this month, largely on the back of enthusiasm for the direct listing of Coinbase Global (
It fell below the 100-day moving average late last week for the first time since early October after JPMorgan Chase cautioned that its upward momentum could be at risk.
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//]]>// >By Nicholas Otieno
Mar 11, 2021 5:00 AM PT
Bitcoin has become a financial and cultural phenomenon, having been in existence only since 2009. While many people have heard of it, very few understand it. In short, Bitcoin is a cryptocurrency, or digital currency, that allows transactions independent of the banking system.
Some see digital currency as revolutionary because it lets people send funds as easily as emails, even across international borders.
Although Bitcoin was originally developed to function as an alternative to fiat currencies (those that governments have given legal tender status), there has been a noticeable rise in demand from many people purchasing the virtual currency purely as a financial investment, hoping that it will appreciate rather than using it for a transaction.
Coinbase IPO sparks rush for âpicks and shovelsâ crypto assets
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The $110 billion US initial public offering of cryptocurrency exchange Coinbase has yielded an estimated $500 million windfall for Westpacâs venture capital fund and poured fuel on the demand from Australian institutional and retail investors for the digital asset gold rush.
Coinbase signage during the companyâs IPO at the Nasdaq MarketSite in New York.Â
Bloomberg
That looming profit is a timely boost for the bank, which also scored big on its investment in buy now, pay later juggernaut Zip Co that it exited for $366 million in October 2020, for a profit of $317 million.