Bitcoin Hits Record Just Before Coinbase Is Set to List on Nasdaq

Since the beginning of this year, the price of Bitcoin has more than doubled.

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reached an all-time high of approximately $63,000 on Tuesday, a day before exchange was set to list on Nasdaq, according to Reuters

Bitcoin rose as much as 5% during trading — and its price has more than doubled since the beginning of this year. Last month, the cryptocurrency hit $60,000, largely due to 's decision to buy $1.5 billion worth of Bitcoin for its , the news wire reports. 

Related: Crypto Market Value Exceeds $2 Trillion for First Time

The rally comes as Coinbase received approval from the SEC earlier this month to list its Class A common stock on Wednesday. The cryptocurrency exchange platform filed for a listing back on Feb. 25. 

Cryptocurrency has received a boost from several high-profile backers. In addition to buying Bitcoin, Tesla announced that it would accept the as payment. Visa and PayPal said they would also let customers settle using cryptocurrencies. 

As of this writing, one Bitcoin is worth about $63,485. 

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