Bitcoin
Bitcoin

Bitcoin Price Skyrockets To Record High Of More Than $68,000

3 years ago
1 min read

Bitcoin, the world’s largest cryptocurrency by market capitalisation, has skyrocketed to a fresh record high of $68,000.

Primebusiness.africa gathered that the price of the cryptocurrency traded 4.1 percent higher on Tuesday afternoon, reaching $68,013 by 3:41 p.m., according to data obtained from coinmarketcap.com.

Recall, the last record set by Bitcoin was in October at $67,000 mark as the cryptocurrency continued to gain acceptance worldwide as an alternative mode of payment to fiat currency.

It has received endorsements from Elon Musk, the world’s richest man and Tesla CEO; Mastercard, among others.

The Bank of New York Mellon Corp., an American investment banking services holding company, had announced that it would hold, transfer and issue Bitcoin and other cryptocurrencies for institutional customers.

Since the start of October, Bitcoin has seen a bullish run, with the crypto market in total adding nearly $1 trillion to its total value in one month.

The total market capitalisation of the crypto market currently stands at $2.94 trillion.

Ethereum, the second-largest cryptocurrency by market capitalisation, also reached a record high of $4,833, surpassing the $4,800 level for the first time.

This medium previously reported that the CBN had released a statement warning banks and financial institutions that “facilitating payments for cryptocurrency exchanges is prohibited”.

Not satisfied, the CBN also directed them to identify and close accounts associated with them. This directive by Nigeria’s apex Bank, set the country’s crypto community alight.

The prohibition on the facilitation of cryptocurrency exchanges by commercial banks is at the top of the most unpopular policies the Nigerian government has introduced in recent times. It was widely criticized by the general public and top finance professionals.

A former Deputy Governor of the CBN, presidential aspirant, Kingsley Moghalu, had questioned the CBN’s directive, saying it was not the best approach. He said the clarity should be made that it is a ban on financial institutions not to engage in cryptocurrencies, not on trading activities.

Moghalu had said, “It is mainly targeted at cryptocurrency exchanges. Hence, it does not criminalise individuals trading in cryptocurrencies. Individuals would likely have difficulties in making transactions since the activities of the exchanges are limited.

“The CBN has said it is not a legal tender but they don’t have to tell you or me what we can exchange for value. If I want to give you my shirt and you give me your shoe, the Central Bank has no business with it.”

The ban dominated the media space for many weeks before it was taken over by more unpopular policies or actions such as the Twitter ban. It was such that many people who never heard about cryptocurrency before the ban took interest in it.

 


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