Bitcoin price rebounds to $57,000 after the sharp drop


Bitcoin cryptocurrencies

Over the past few weeks, there has been a consistent rise in Bitcoin price and many believe that it will keep going higher. Presently, Bitcoin is the most-watched cryptocurrency in the industry. After another new high last week, this crypto money dropped significantly to $52,000 per coin. This is a fall of about $12,000 from its yesterday’s price of $64,000. However, a few hours after the significant drop, the cryptocurrency is beginning to rebound again. 

bitcoin market value

According to the information on the cryptocurrency website coindesk, the price of Bitcoin is currently $57095.75 per coin. It has risen by 7.96% in the last 24 hours and has a market value of $10229 billion. On bitcoin, another cryptocurrency information website shows that its price is $57041.68 per coin. This is also above $57,000.

Although compared with the situation after the weekend’s sharp drop, the price of Bitcoin has clearly rebounded, and it is also significantly higher than the $52,000 at its lowest in the last 24 hours. However, compared with more than $64,000 last week, the current price is $57,000 is obviously very low.

Coinbase makes 4,000 times more profit in 8 years

Coinbase founder, Fred Wilson has always been in the field of consumer technology before 2013. He is usually in the consumer Internet environment with companies such as Twitter, Zynga, Etsy, and Tumblr. But in May of that year, he did some fine-tuning.

“We have been thinking about and looking for investment opportunities in the Bitcoin field for several years.” Wilson wrote on the official website of Heguang Investment, which he co-founded at the time. “Today, I am very happy to talk about our number one in this field.”

Read Also:  Bitcoin price crossed the $50 thousand mark again

That investment is Coinbase’s Series A financing. They invested $5 million in Coinbase at a valuation of $20 million at a price of 20 cents per share.

At that time, Coinbase had just graduated from the incubator Y Combinator and had only received seed round financing before. But 8 years later, with the landing of Coinbase on Nasdaq on Wednesday, the company has gone from a platform that only provides Bitcoin trading for 100,000 investors to a huge and hot unicorn. 

Coinbase was listed on the Nasdaq on Wednesday at an opening price of $381, corresponding to a market value of approximately $100 billion (based on full circulation calculations). Based on the closing price of $328.28, the market value also hit $85.8 billion. Compared with the last round of private market financing conducted by the company in 2018, its valuation has increased by more than 10 times, and compared with Heguang Investment’s acquisition of shares 8 years ago, it has risen by more than 4,000 times.

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