The Coinbase cryptocurrency exchange application seen on the screen of an iPhone.
Bitcoin surged to a fresh record high of more than $62,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase.
The price of bitcoin climbed more than 4% in the last 24 hours to hit $62,718, according to data from Coin Metrics. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,210.
Coinbase is set to go public on Wednesday, and could be valued at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.