Chart of the Day
This chart puts the value of Bitcoin in perspective by comparing it against the market cap of listed companies and major asset classes. The massive bullish sentiment revolving around the Coinbase listing stateside has propelled the price of BTC to flirt with the $65,000 handle. What exactly does $65k mean to the larger crypto ecosystem?
If the current momentum were to continue, Bitcoin as an asset would be a breath away from surpassing the market cap of major tech companies such as Google and Amazon. In fact, it took Bitcoin 12 years to reach a $1 trillion market cap, topping Google — a distant second — by almost a decade. Exciting times, right?
Talk of the Town
Right stock, wrong price? The day was a milestone for Coinbase as it makes its debut on Nasdaq, becoming the first crypto company to set foot among the echelons of Wall Street. Shares closed 14% below its opening price, rising as high as $429.54 in the first few minutes of trade before whipsawing back down to the $328 level. The opening price was $381; not quite the watershed debut moment it was hyped out to be. Still, with reports of the company fetching as high as $100+ billion in valuation, some proponents see this to be a true moment of validation: a case for crypto, or Bitcoin at the very least, as a legitimate asset class — more than a decade since its inception. May it be the first of many.
