Bitcoin hits record high before Coinbase IPO

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Extending its 2021 rally, Bitcoin reached fresh heights on Tuesday (April 13).

The digital currency hit $62,741 a day ahead of Coinbase's initial public offering.

The largest U.S. cryptocurrency exchange's listing on the Nasdaq is considered a landmark victory for cryptocurrency advocates.

Bitcoin, the world's biggest cryptocurrency, is gaining mainstream acceptance as an investment and a means of payment.

Smaller rival Ethereum also reached a record high of $2,205.

Major firms including BNY Mellon, Mastercard and Tesla are among those to have embraced or invested in cryptocurrencies.

Bitcoin topped $60,000 early last month, fueled by Tesla's move to buy $1.5 billion of the digital currency for its balance sheet.

The multi-fold rise in cryptocurrencies is also driven by investors seeking high-yielding assets amid low interest rates.