<ul class="summary-list"><li>Coinbase on Wednesday tumbled as much as 19% in its trading debut on the Nasdaq.</li><li>The <keyword id="1177411" type="PERSON" weightage="60" keywordseo="direct-listing">direct listing</keyword> had a $250-per-share reference price, and opened at $381 before hitting an intraday high of $429.54. It then reversed gains, trading as low as $310.</li><li>Coinbase is the first major cryptocurrency exchange to go public. </li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a> tumbled as much as 19% on Wednesday in its hotly anticipated trading debut on the Nasdaq before paring back gains.The direct listing had a $250-per-share reference price, and opened at $381 before hitting an intraday high of $429.54, which was 13% above its opening price.The stock then reversed course and traded as low as $310. It was at $343.90 as of 3:25 p.m. in New York.The $381-per-share opening price put Coinbase's valuation at $99.5 billion, giving it a bigger market capitalization than such established US companies as General Motors, FedEx, and Gilead Sciences.Pierce Crosby, Head of TradingView US, said he's not surprised by the first few hours of Coinbase trading, especially because <keyword id="9916760" type="UNKNOWN" weightage="60" keywordseo="direct-listings">direct listings</keyword> tend to be more volatile than traditional IPOs.He said the initial run-up to $429 was probably driven by retail-investor anticipation, and told Insider that roughly 20% of TradingView's total 4.5 million site visitors in the US were viewing Coinbase's charts at the start of trading.Although Coinbase is now trading below its opening price, Crosby expects Coinbase to trade roughly between $360 and $400 over the next few days. He also expects more institutional funds to start making allocations to Coinbase in the near future.Coinbase is the first major cryptocurrency exchange to go public, and investors see its direct listing as a major milestone for bringing cryptocurrencies in the mainstream. <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bitcoin</a> hovered near an all-time high above $63,000 when trading commenced, having hit a record of $64,869.77 earlier in the day.Read more: <a href="https://www.businessinsider.com/bitcoin-contango-offers-risk-free-high-return-trade-opportunity-futures-2021-4" target="_blank" rel="noopener">Bitcoin is a headache to store, and that's created an investment opportunity that could theoretically pay determined traders big risk-free returns by December</a>"We look at the Coinbase listing as an additional validation of the space, and a major PR opportunity for the entire industry to shine as the future of finance," said Alex Mashinsky, CEO and co-founder of Celsius, a cryptocurrency yield-earning platform.He added: "Coinbase has more users and more revenues than many of the largest Wall Street players and is more profitable than any major exchange, this validation puts most skeptics at a crossroads having to re-evaluate their denial and frustration with the disruption coming at them from all sides."Coinbase's direct listing comes on the heels of its blowout first quarter earnings. The cryptocurrency exchange and brokerage <a href="https://markets.businessinsider.com/currencies/news/coinbase-q1-revenue-jump-bitcoin-crypto-market-too-volatile-forecast-2021-4-1030280362?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">revealed first quarter revenue grew 840% year-over-year to $1.8 billion,</a> compared to the $1.3 billion for all of 2020. The results led <a href="https://markets.businessinsider.com/currencies/news/coinbase-price-target-raised-440-da-davidson-blockbuster-earnings-bitcoin-2021-4-1030282489">DA Davidson analyst Gil Luria to up his price target for COIN to $440 from $195</a> .Though other analysts caution that Coinbase has hefty competition.<a href="https://markets.businessinsider.com/news/stocks/coinbase-direct-listing-valuation-billion-cryptocurrency-exchange-public-analysis-trainer-2021-3-1030169891">David Trainer</a>, New Constructs CEO, said in a stock research note that Coinbase's $100 billion expected valuation implies that Coinbase will become the largest exchange in the world by revenue, which isn't guaranteed given the existence of competitors like Gemini, Kraken, and Binance.In the earnings report, the company warned that its financial results have fluctuated drastically on swings in crypto trading volume-something investors should keep an eye on, Trainer said."Trading volume, and therefore transaction revenue currently fluctuate, potentially materially, with Bitcoin price and crypto asset volatility. This revenue unpredictability, in turn, impacts our profitability on a quarter-to-quarter basis," Coinbase acknowledged in its prospectus.

Coinbase tumbles 19% in trading debut as valuation hovers around $100 billion

<ul><li><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> on Monday made its biggest endorsement of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, saying it invested $1.5 billion in the token.</li><li>It helps to bring bitcoin further into the mainstream, as both a form of payment and an investment.</li><li>Insider compiled quotes from six experts on what this could mean for new buy-in from large investors.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener noreferrer">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Tesla on Monday revealed a <a href="https://markets.businessinsider.com/currencies/news/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2-1030055107">$1.5 billion investment in bitcoin</a> that pushed the digital currency to a record high of $47,889.The electric-car maker also said it would soon begin accepting <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a> as payment for its products.Some analysts said that while <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> is a relatively late adopter of cryptocurrencies, they believe this is one of several investments he will make in the space.<h2>What 6 experts in the crypto industry said about Tesla's purchase</h2>Stefan George, cofounder and chief technology officer at the prediction-market platform Gnosis"Tesla's bitcoin acquisition is a strong signal for a new era of integration between the <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> ecosystem and mainstream business, in which tokens increasingly act as not only a store of value but tangible medium of exchange."Dermot O'Riordan, partner at the blockchain-focused private-equity firm Eden Block"This moment will likely be looked upon in years to come as a genuine tipping point; Elon and Tesla's support legitimizes crypto and opens up bitcoin to a whole new class of retail and institutional investors. Now it seems all of Wall Street is in bed with this industry - if they weren't paying attention before, they are now."Read more: <a href="https://www.businessinsider.com/stocks-to-buy-16-high-conviction-picks-outperform-credit-suisse-2021-2" target="_blank" rel="noopener">Credit Suisse says to buy these 16 'highest-conviction' stock picks that are set to outperform despite the market's contrarian view</a>Antoni Trenchev, cofounder and managing partner at the crypto lender Nexo"Tesla and Bitcoin - the archetypes of volatility - inevitably meet again because they are tools that came about because of frustration and courage, to paraphrase the old saying. Frustration at the way things are, and courage to make sure that they do not remain as they are."Alex Mashinsky, CEO of the crypto lender Celsius Network"The richest person in the world just told you he does not believe in holding dollars as a long term store of value. We have heard from the smartest investors in the world and now we have heard from the richest people in the world, they all agree that having 5-10% of your net worth in BTC is a critical part of a well diversified portfolio."Read more: <a href="https://www.businessinsider.com/investing-strategy-for-income-rising-interest-rates-bank-of-america-2021-2" target="_blank" rel="noopener">Bank of America says investors might start selling stocks and buying bonds sooner than expected. Here's when it could happen, and what to own for maximum income if yields keep rising.</a>Leah Jonas, head of partnerships at Celsius NetworkTesla's investment "cements crypto into both history and the future as not only a fundamentally safe store of value, but an asset with an infinite amount of applications yet to be discovered. I see this as the door opening wide for crypto companies with B2B services, like my companies, to put their products to the test and usher in the next wave of adoption in partnership with Tesla."Jean-Michel Pailhon, head of the ledger enterprise at Ledger, a security-solutions firm for <keyword id="6368079" type="UNKNOWN" weightage="60" keywordseo="Crypto-assets">crypto assets</keyword>"Tesla's move further gives the industry validation and shows crypto's resiliency as an asset class. The battle of custody and safeguarding these volatile assets will be the next thing to watch. Tesla could either pull it off with an in-house solution though they may suffer from inflexibility compared to other infrastructures."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-best-small-cap-growth-thesis-rbc-2021-2">RBC says to buy these 15 stocks as small companies keep dominating the market - and details why each is a top pick for 2021</a>

Here's what 6 crypto experts said about Tesla's $1.5 billion bitcoin investment

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> crossed the $8,000 mark for the first time on Wednesday since March ahead of "bitcoin halving" that will take place on May 12. </li><li>Some analysts expect the bitcoin halving to increase prices.</li><li>"After the two previous halvings, we've seen the price reach an all-time high within 3-9 months — which would be $20,000 in this case," one analyst said.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Track the price of bitcoin live here.</a></li></ul><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> surged 11% on Wednesday and crossed $8,000 the first time since early March as analysts said a key deadline that will reduce the amount of units is helping boost prices. Bitcoin is currently trading around $8,625 as of 12.55 p.m ET. The last time it was anywhere near this level was in March, before stock <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> crashed and when the impact of coronavirus began to spread. Analysts attributed the rise to "bitcoin halving" that takes place on 12 May.Danny Scott, co-founder and chief executive of CoinCorner told Markets Insider: "Coming up in 12 days is the bitcoin halving — which in short cuts the supply of bitcoins coming into circulation in half and taking it from 12.5 bitcoins every 10 minutes to 6.25 bitcoins every 10 minutes.""People are looking at bitcoin's history and seeing how the supply and demand vector has played out for bitcoin in the past, with the price steadily rising after a halving to new all-time highs within 18 months," he added. <h2>What is bitcoin halving?</h2>Bitcoin miners are rewarded a specific amount of bitcoins whenever a block is produced. Initially when bitcoin was first launched, miners could get 50 bitcoins per block. After 210,000 blocks are mined, the block reduces by 50% and the process continues until a block becomes worth 0 bitcoins. The current block reward is 12.5 coins per block, which will fall to 6.25 on May 12. Dr Garrick Hileman, head of research at <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">Blockchain</keyword>.com, said: "Bitcoin's price has been climbing of late alongside other traditional hard assets like gold in part due to concerns over the size of the monetary and fiscal response to COVID-19."Read more: <a href="https://www.businessinsider.com/best-small-cap-stock-picks-consumer-sector-manager-ken-korngiebel-2020-4?r=US&amp;IR=TIR=T" target="_blank" rel="noopener noreferrer">The manager of the best small-cap fund of the past 20 years explains why he's betting big on a consumer recovery — and shares his top 4 stock picks in the struggling sector</a>He added: "Anticipation of the 12 May bitcoin mining reward 'halving,' which will cut the supply of newly mined bitcoins in half, is also likely fuelling demand. Over time, if current bitcoin demand levels are maintained then this reduction in new supply may help boost bitcoin."Pavel Perelomov, chief executive officer and founder of blockchain platform Twigse, said he expects bitcoin prices to reach $10,000.<a href="https://twigse.com/"></a>"Market factors include the beginning of the removal of quarantine in the EU and the most powerful emission of the Central Bank of the EU and the Fed. I think that if the price fixes more than $ 8,000, the next barrier will be $10,000 taking this peak will open the road to long-term growth of Bitcoin.Scott said: "After the two previous halvings, we've seen the price reach an all-time high within 3-9 months — which would be $20,000 in this case."He added: "Looking at the stock-to-flow (S2F) model which assumes scarcity drives value (supply and demand), we can hope for the $100,000 region to hit within the next 12-18 months. <h2>Deflationary?</h2><div type="image" title="A man walks past an electric board showing exchange rates of various cryptocurrencies including Bitcoin (top L) at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. REUTERS/Kim Hong-Ji" height="2647" width="5294" msid="75458112" hostid="261"></div>Bitcoin surged in <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-highest-since-november-safe-haven-coronavirus-cryptocurrencies-rally-2020-1-1028851749">January when the world's biggest cryptocurrency has taken on the role of an unconventional safe-haven investment</a> as fears amounted about how traditional assets would fare when coronavirus was beginning to spread. Some analysts expect bitcoin to rise because of its "deflationary" appeal during a time where monetary and fiscal policies are difficult to predict. Alex Mashinsky, chief executive of Celsius Network, said: "With the halvening just two weeks away, we're seeing a return to bullish sentiment among Bitcoin traders, and recent data suggest there's been an uptick in new retail investors. Plus, the unprecedented combination of fiscal and monetary stimulus is reinforcing Bitcoin's appeal as a deflationary asset." Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-quality-at-reasonable-price-goldman-sachs-2020-4?r=US&amp;IR=TIR=T" target="_blank" rel="noopener noreferrer">Goldman Sachs recommends investors buy 'quality at a reasonable price.' Here are the firm's top 10 stock picks that fit the bill.</a>But not all analysts are bullish on bitcoin. Jon Walsh, blockchain professional at Adtech struck a more cautious note and said bitcoin has never been tested in a tough environment until date. Walsh said: "The general outlook for Bitcoin is strong, but despite having been in existence now for 11 years, bitcoin is yet to be tested in a recession environment.""This is however, the perfect environment that bitcoin was essentially built for. Over the next 18 months, we will surely see whether the daddy of all crypto can live up to its promises of hard money with a disinflationary economic schedule," he added.Read the original article on <a href="https://www.businessinsider.com/bitcoin-price-8000-first-time-since-march-bitcoin-halving-2020-4">Business Insider</a>

You Searched For "alex mashinsky" and got 3 results

Coinbase tumbles 19% in trading debut as valuation hovers around $100 billion

Emily Graffeo

Here's what 6 crypto experts said about Tesla's $1.5 billion bitcoin investment

Shalini Nagarajan

Bitcoin surges above $8,000 for the first time in 2 months ahead of a key halving in the crypto markets

Saloni Sardana