The news that Coinbase is listing on Nasdaq has prompted the market to show green numbers. The rest of the cryptocurrencies accompany Bitcoin and Ethereum as their prices grow.
The price of Bitcoin consolidates after reaching its new all-time highs. That suggests that this is the best time to buy the cryptocurrency amid a bullish trend. After climbing to almost USD 65,000 in recent days, Bitcoin began to consolidate within a new range.
All of the above comes amid the news that Coinbase went public on Nasdaq. This fact in particular has led the market to skyrocket. That has generated bullish sentiment in most of the market.
The cryptocurrency market is currently experiencing a moment of euphoria. Although many official agencies and regulators have doubts, crypto-assets such as Bitcoin and Ethereum have gained the trust of small and large investors. The latter have opted for them as store-of-value assets, especially in the last two years.
Especially, the support of institutional investors has been crucial in this consolidation. Therein lies the importance of Coinbase’s debut on the stock market. There was an obvious expectation, which was reflected in cryptocurrencies themselves. According to analysts, this major event is the main reason why the market is skyrocketing.
Other Crypto Assets Make Profits alongside Bitcoin and Ethereum
At the time of writing this article, Bitcoin is trading at USD 62,970, showing an increasing variation of 0.66% in the last 24 hours. For its part, the price of Ethereum is USD 2,496, experiencing an increase of 3.23% during the same period, according to data from CoinGecko.
Not only Bitcoin and Ethereum have skyrocketed but other cryptocurrencies as well. The most prominent are Dogecoin (DOGE) with + 48%, Chainlink (LINK) with + 13.59%, Cardano (ADA) with + 5%, and Uniswap (UNI) with + 11.19%.
A Miami Commissioner Wants to Allow Paying Taxes in Bitcoin
A Miami commissioner backs a resolution to allow residents to use cryptocurrencies like Bitcoin to pay local taxes. Cohen Higgins submitted a resolution to the Infrastructure, Operations, and Innovations Committee requesting to establish a crypto working group.
They would examine the feasibility of allowing residents to pay their county taxes, as well as fees and services, with cryptocurrencies. The document notes that crypto payments have the potential to improve convenience and save costs.
“The article would establish a task force that would delve into the feasibility of using cryptocurrencies in Miami-Dade County. This would allow exploring the potential benefits and pitfalls that could result from their use. This exploration can help support an expanding technology and the presence of new companies to help our economy,” according to Higgins.
A Swiss Insurance Company Starts Accepting Bitcoin as Payment
Swiss insurance company AXA has become the first insurer in that country to offer the option of paying bills in Bitcoin. They will always accept this type of payment, except for life insurance, due to regulatory barriers.
The accelerated digital transformation of the global economy during the COVID-19 pandemic has led several companies to incorporate the Bitcoin. The insurer notes that it conducted a survey in 2019, in which a third of the responded owned or were interested in cryptocurrencies.
Director of Open Innovation Claudia Bienentreu said that the acceptance of Bitcoin responds to the growing demand for alternative payment solutions. She added that new technologies are playing an increasingly important role in the economy.
By Alexander Salazar