June 23, 2021

On-chain Data Reveals Coinbase Nasdaq Debut Attracted More Bitcoin Investors

2 min read

Bitcoin

The historic public debut of American cryptocurrency exchange Coinbase Global Inc on the Nasdaq exchange has been proven to have a tremendous effect in attracting a brand-new set of Bitcoin (BTC) holders. According to on-chain information, the Bitcoin Entities Net Growth surged to the levels seen just twice before in the history of the premier digital currency.

Per Glassnode’s metric, the Bitcoin Entities Net Growth is the overall variety of entities appearing on the network for the first time and with non-zero balances, less the number of entities with zero balances. The entities, in this case, could be an exchange or any user that controls several financed Bitcoin addresses.

The increased Bitcoin Entities Net Growth fueled by Coinbase’s listing represents the third time the digital property will be tape-recording this turning point, after similar relocations were made in late 2017, and late 2018 respectively.

Coinbase Listing Makes a Case for the Matured Bitcoin Ecosystem

Coinbase’s listing on Wall Street has actually been tagged by lots of as a possible gateway for mainstream institutional investors to get some kind of direct exposure to the cryptocurrency market. Coinbase’s organization primarily requires supplying the platform where Bitcoin, Ethereum (ETH), Litecoin (LTC), and other digital properties are traded. As a result, the total market trend has a direct effect on the efficiency of the company and its share price as a whole.

The business’s supporters argue that the introduction of the firm as a public traded company is a sign of the developing state of crypto in the United States and the world at big. This position was reinforced by the timing of Coinbase’s listing which coincided with a huge buyup in which the cost of Bitcoin got a rejuvenation, printing a brand-new all-time high of $64,500.

The reasoning for financiers remains engaging, buying Coinbase shares and Bitcoin may be favorably associated as an increase in the latter can spike a boost in the previous too. Over the past week, Bitcoin has been catching offering pressures and with its current cost of $49,912.11, the coin has lost 7.78% of its value in the previous week. Likewise, Coinbase shares closed at $291.60, a 0.63% dip from the Friday trading session.

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