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Crypto is going cray crayINTL

Crypto is going cray cray

The crypto markets are having a raging party at the moment as the eagerly anticipated listing of Coinbase (COIN), the cryptocurrency exchange, has finally debuted on the US stock market. Nasdaq set the IPO’s reference price at $250 a share for the direct listing, but shares opened waaay higher at $381 — pushing Coinbase comfortably to the $100b market cap.

Coinbase’s preliminary Q1 results showed a ninefold surge in revenues to $1.8b, with the majority of the transactions on its platform involving either bitcoin or Ethereum.

On that note, bitcoin was also trading at all-time record highs of over $64,000 ahead of the IPO, and Ethereum cruised past the $2,300 mark.

why it matters
Who came first – the coin or the exchange? Coinbase’s highly-anticipated IPO may have pushed bitcoin and Ethereum’s price up, or the cryptocurrency's rally in the past few weeks might have boosted the exchange’s reference price. Either way, it’s now undeniable that the “cryptoeconomy” model is here to stay.