[Bitcoin Now] Rebounds to 75 Million KRW Range... Coinbase's US Nasdaq Listing 'Positive Factor'

US Coinbase to List on Nasdaq on the 14th
Price Rebound Falters Amid NFT Slump

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the representative cryptocurrency that had fallen to the 71 million KRW range over the weekend, rebounded to the 75 million KRW range. Although the non-fungible token (NFT) market slowed down, the news of Coinbase's listing on the US cryptocurrency exchange appears to have acted as a positive factor.

According to the domestic cryptocurrency exchange Upbit, as of 10:46 AM on the 5th, Bitcoin recorded 75.19 million KRW, up 1.65% compared to the previous day. It had dropped from the all-time high of 75.7 million KRW on the 4th to the 71 million KRW range but rebounded again on this day.

The news of Coinbase's listing seems to have led the rebound. According to Bloomberg on the 2nd, Coinbase announced that it plans to be listed on Nasdaq on the 14th. The ticker symbol will be ‘CON’. Bloomberg analyzed that Coinbase's corporate value will reach 90 billion USD (approximately 101 trillion KRW). Coinbase recorded revenue of 1.3 billion USD and operating profit of 410 million USD last year.

Accordingly, there is a forecast that Coinbase's listing will be a turning point for the growth of the cryptocurrency market. On the 3rd, US economic media Yahoo Finance analyzed, “Cryptocurrency demand is not currently decreasing, so Coinbase is being listed at the optimal time,” and “Cryptocurrencies such as Bitcoin, which are recording all-time highs, will serve as a bridge for further growth.” On the 1st, Tom Lee, Chief Researcher at Fundstrat, also predicted in an interview with US economic media CNBC that “Coinbase will generate more money than Nasdaq.”

Meanwhile, the cryptocurrency market had slowed as the NFT market, which had gained popularity for being suitable to contain unique value, stagnated. According to US economic media Bloomberg on the 3rd (local time), the average price of NFTs was 1,400 USD (approximately 1.58 million KRW) as of the 1st, down about 67% from the peak of 4,300 USD recorded in February. The transaction volume of NBA Top Shot, a platform for selling memorabilia of the National Basketball Association (NBA), also decreased from 1.85 billion USD in early last month to 1.09 billion USD on the 30th of last month.

This content was produced with the assistance of AI translation services.