Is Crypto ready for the incoming herd

If the pro-Bitcoin actions of the titans Goldman Sachs and JP Morgan have been insufficient, the traditional market seems to have given cryptocurrencies its boon yesterday, with Coinbase’s debut on Nasdaq.

The scholarship is estimated to have had one of the most successful public direct mentions in history. Data from Nasdaq indicates that COIN started trading near $ 328 and peaked at $ 429 a share, exceeding many experts’ expectations.

In one day, the traded value of COIN hit a record. Better performing giants like Alibaba and Facebook, as Bloomberg senior ETF analyst Eric Balchunas pointed out. As Balchunas said, COIN broke another record when 4 ETFs on Day 1 bought the stocks “out of the mess”.

Chief Strategy Officer at CoinShares, Meltem Demiros, was just one of many in the crypto space to celebrate its debut. Coinbase exceeds its time estimates and is now worth more than Goldman Sachs, one of the largest US banks, with a total market cap of approximately $ 90 billion, at the time of writing.

Demiros sentiment was shared by most of the crypto industry. From early Coinbase investors like Garry Tan, his initial $ 300,000 investment in 2013 made 6,000x profits, to Paradigm’s Omar Bohsali, legendary rap singer Nasir Jones and others.

Grayscale CEO Michael Sonnenshein said Coinbase’s debut has brought a new level of maturity for the crypto industry.

COIN speaks the language of the bank

Additionally, CoinShares CSO said the new wave of millionaires and billionaires “beaten” by Coinbase’s listing are willing to take their profits to continue the growth of the crypto ecosystem. Demiros said:

There is a really nice recursive effect where this industry is not all about the assets. It is now really about the companies in which we have been investing for almost a decade now (…).

CoinShares CSO later referred to the exchange’s “ blockbuster ” numbers in its Q1, 2021, earnings report, and the push to stay on top of the innovation race. Demiros said:

To even get into the crypto industry, the pace of innovation was just insane to watch and what we’re looking at, are the numbers of (Coinbase’s Q1 earnings) sustainable? Can Coinbase Diversify Fast Enough? For this week, for this moment, I certainly think there is still a lot of enthusiasm.

Coinbase’s debut will attract even more institutional investors to the market. The crypto industry, Demiros said, speaks the language of the bank’s “Billies” (billions of USD).

At the time of writing, COIN is trading at $ 331, moving sideways on the 24-hour chart, and still prone to volatility due to the hype surrounding the event, which could be spreading all over the markets.

Likewise, Bitcoin (BTC) is trading at $ 62,495, moving sideways for the past day (0.1%). On the weekly chart, BTC still has a gain of 11.4%.

Coinbase COIN Bitcoin BTC
BTC with sideways movement on the 24-hour chart. Source: BTCUSD Tradingview

On Coinbase’s public listing, CEO Brian Armstrong said

Today’s crypto economy is nothing like the ecosystem that existed when we launched Coinbase 9 years ago. And it is nothing like the ecosystem that will exist in 9 years (…). As the first major crypto company to be publicly listed, today is a big day for Coinbase and the crypto economy we are a part of.

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