Bitcoin Surges Past $63K Amid Coinbase IPO Frenzy
On April 13, Bitcoin achieved a historic milestone by breaking through the $63,000 barrier for the first time, marking a 5% surge within 24 hours. Ethereum likewise reached unprecedented levels at $2,200 per coin, climbing over 6% daily.
Key Market Developments:
- Coinbase IPO: The largest U.S. cryptocurrency exchange is set to debut on Nasdaq on April 14 via direct listing, valued at $100 billion—surpassing NYSE and Nasdaq combined.
- Liquidation Wave: Extreme volatility triggered $928 million in liquidations across 135,400 traders within 24 hours (Bitcoin Homes data), including a single $10 million Bitmex-XBTUSD position.
Who's Profiting? Tesla and Meitu Steal the Spotlight
Tesla's Crypto Windfall
- Investment: Allocated $1.5 billion to Bitcoin in February with an estimated entry point below $35,000.
- Returns: 80% unrealized gains ($1.2 billion/¥7.9 billion)—exceeding 2020 automotive profits by 66%.
- Elon's Influence: CEO Musk's endorsements (e.g., Tesla Bitcoin payments announcement on March 24) continue to impact market sentiment.
Meitu's Strategic Crypto Holdings
- Purchases: Accumulated 940.885 BTC ($49.5M) and 31K ETH ($50.5M) across three transactions since March.
- Performance: 20% BTC ($6.5M) and 36.46% ETH ($18.4M) gains totaling ¥186M—triple Meitu's 2020 net profit.
- Rationale: Cited cryptocurrency's appreciation potential and blockchain sector preparation in official statements.
Coinbase: The $100B Game-Changer
- 2020 Metrics: $1.28B revenue (+128% YoY), 43M verified users.
- Q1 2021 Surge: 56M users (+13M new), $1.8B revenue (8x growth), $730-800M profit (25x YoY increase).
- Market Impact: Institutional adoption catalyst per analysts, potentially attracting traditional investors.
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Expert Warnings: Volatility and Regulatory Risks
- Fed Chair Powell: "Cryptocurrencies lack intrinsic value" with high speculation risks.
- Compliance Alerts: Kraken CEO notes looming government crackdowns; Citi highlights regulatory uncertainty.
- Academic Insight: Wuhan University's Prof. Dong Dengxin advises against retail speculation due to technical complexity and low legal tender probability.
FAQs
Q: Why did Bitcoin suddenly surge to $63K?
A: Primarily driven by Coinbase's landmark IPO and institutional adoption trends.
Q: How does Tesla benefit from Bitcoin holdings?
A: Its $1.5B investment now yields 80% returns—outperforming core business profits.
Q: Is now a good time to invest in Ethereum?
A: While ETH shows strong growth (36% gains for Meitu), experts caution about extreme volatility.
Q: What risks do cryptocurrencies pose?
A: Price manipulation susceptibility, regulatory bans, and technological obsolescence are key concerns.
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Note: All financial data converted at contemporaneous exchange rates (1 USD ≈ 6.5 CNY).