Bitcoin hits record high above USD62,000

LONDON (AFP) – Bitcoin hit a record high above USD62,000 yesterday as the cryptocurrency exchange Coinbase prepares to launch shares on Wall Street.

Bitcoin reached USD62,377, a huge gain of 114 per cent since the start of the year.

After crashing in 2018, the value of bitcoin rebounded and it has set records since late last year – rocketing from around USD12,000 in October to more than USD60,000 a month ago.

The arrival today of cryptocurrency exchange Coinbase on the Nasdaq is one of Wall Street’s most anticipated events of the year even though some question whether the cryptocurrency market is sustainable.

Estimates of Coinbase’s value vary depending on how it is calculated, but its capitalisation is expected to range from USD70 billion to USD100 billion.