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Bitcoin surges to new high near $65,000 as all eyes turn to Coinbase listing.

Bitcoin hit an all-time high for the second day running on Wednesday as excitement round the direct listing of exchange Coinbase helped push the cryptocurrency on the brink of $65,000.

A rise of two .6% took bitcoin as high as $64,870, before it pared its gains to trade at $63,709 at 9.15 a.m. ET.

Commentators said the newest leg higher has been driven by the Coinbase direct listing on the Nasdaq on Wednesday, which is about to be the primary time a serious cryptocurrency company has gone public.

Coinbase's volatile revenues make it hard to value, but estimates are as high as $100 billion. Nasdaq set a reference price of $250 a share on Tuesday, although it could trade much higher, as long as shares changed hands for $350 during a private auction in March.

"I expect record-breaking demand for this IPO," said Richard Johnson, chief executive of technology focused investment company Texture Capital. "The valuation from private market trades was $90 billion, but this was before Coinbase announced their blowout Q1 numbers."

He added: "Medium to future , I see COIN [Coinbase's ticker] becoming a proxy for crypto exposure until the ETFs start getting approved." An ETF is an exchange-traded fund.

Richard Johnson, chief executive of technology focused investment company Texture Capital, said: "I expect record-breaking demand for this IPO." He added: "Medium to future , I see COIN becoming a proxy for crypto exposure until the ETFs start getting approved."

Vitaliy Kedyk, head of strategy at Currency.com, said: "This listing along side the BTC ETFs will attract tons of institutional money, fueling the whole industry forward."
However, some commentators have warned a disappointing public listing could knock confidence in crypto.

Edward Moya, senior analyst at currency firm Oanda, said on Monday there's a risk that "a disappointing IPO or excessive concerns over enhanced regulatory oversight could weigh down bitcoin and therefore the other altcoins."

More broadly, massive amounts of monetary and monetary stimulus have powered the bitcoin surge over the last 6 months, analysts say. The cryptocurrency has quite doubled in 2021 and is up around 830% from a year ago.

Institutional interest has also been a key a part of the story, with major companies like Tesla, JPMorgan and BNY Mellon getting involved.

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