Bitcoin Briefly Tops $60K On Coinbase Crypto Exchange: Price Analysis

Bitcoin briefly tops $60K on Coinbase back on Friday as the focus shifted on the exchange and the plans to go public this month. In the meantime, Morgan Stanley announced its pro-crypto securities filing so let’s read more in our latest Bitcoin news today.

Coinbase announced a few days ago that it received approval from the US Securities regulator that the US SEC will list its share on the Nasdaq direct listing under the ticker “COIN” and in retrospect, the direct listing requires a company to save the money that it pays to an investment bank instead of raising in the process. The US crypto company launched in 2012 provides staking, trading, and exchanging services to its retail and institutional clients with a presence in more than 100 countries that are brought about $1.3 billion in revenue and more than $322 million in profits in 2020.

Filings with the SEC show that the cost to purchase one Coinbase Global share at a price that will reach a value of $67.6 billion. The company has $1 billion in cash reserves which will protect it from the BTC price fluctuations that impact everything from revenues to earnings. For example, Coinbase lost about $30 million in 2019 once the price dropped and more than 96 percent of the company’s revenue comes from the transaction fees charged on BTC and other trades as well.

This explains to some extent Bitcoin’s resilience to sell-off attempts after ending the first quarter of a jubilant mode. The crypto reached an intraday high of $60,055 during the Asia pacific session before starting a new correction lower on a modest profit-taking sentiment. More bullish tailwinds came from Morgan Stanley as well and the commitment to the crypto sector.

Bitcoin briefly tops $60K on coinbase while at the same time, Morgan Stanley revealed in an SEC filing that they will gain exposure to the BTC market via cash-settled futures on the Grayscale BTC trust. With a history of distrusting the number one cryptocurrency, the investment banking giant flipped to become one of the main supporters of Wall Street. Morgan Stanley announced that it will start offering its rich clients an option to invest in BTC via three crypto-enabled funds and the company also entered a discussion to acquire BitHumb.

Source: https://www.dcforecasts.com/bitcoin-news/bitcoin-briefly-tops-60k-on-coinbase-crypto-exchange-price-analysis/