Bitcoin Rose to an All-Time High of $22.124 per Coin
Price of Bitcoin, the world’s most valued cryptocurrency, broke its all-time record to set a new one at $22,124.29 per coin in the early hours of Thursday.
“It’s not a surprise to us that Bitcoin has hit $20K but it is a very symbolic threshold to reach at the end of what has been a historic year for bitcoin,” said Michael Sonnenshein, managing director of Grayscale Investments. “These are just the early days, and we think there’s a lot more runway to go.”
The price of the digital asset continued to surge as institutional investors remain bullish on the unregulated virtual currency and have been dumping money on it following series of expected stimulus by the incoming president of the United States.
Also, Ethereum, the second most capitalised cryptocurrency, rose by 9.84 percent to $641.99 per coin while Ripple jumped more than 24 percent in the last 24 hours to $0.54305 per coin.
Stellar added 17.16 percent to $0.188897 per coin.
“We have a new line in the sand and the focus shifts to the next round number of $30,000,” said Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. This “is the start of a new chapter for Bitcoin. It’s a narrative the media and retail crowd can properly latch onto because they’ve been noticeably absent from this rally.”
Fintech CEO: George Residence Bitcoin Acceptance Has Policy Implications, More than Simple Brand Awareness
Last month, luxury hospitality icon, George Residence, announced that it would be the first hotel in Nigeria to accept Bitcoin. Most reviews of this announcement came using the lens of brand awareness, both for the property, as well as cryptocurrency. But, Richard Gardner, today, offered a different take on what’s unfolding in Nigeria.
“When we see news like this, it’s easy to trumpet the mainstream appeal of Bitcoin, and, over the past six months, there certainly has been a huge increase in familiarity with the alternative to fiat currency. Between business icons like Mark Cuban and Elon Musk openly supporting the growth of cryptocurrencies, it is easy to read news like this as just one in a line of businesses moving to accept a form of payment that’s becoming more and more popular. But, there’s something else at play here,” noted Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
In his announcement, George Residence CEO Yanju George said that, not only was he accepting Bitcoin, but that he planned to make Bitcoin the company’s primary reserve asset, noting that “[w]e have allocated around 50% of our cash reserves to Bitcoin… We hope to increase that as time goes on. Bitcoin is the currency of the future and it is only right that we are strongly positioned so we do not get left behind.”
“I think if you look at the policy behind the move, you’ve got to see this as a hedge against inflation. The Naira has had significant struggles. We’ve seen a surge in Bitcoin in 2021, but, at the end of the day, the surge means different things in different places. In the United States, folks may be looking at Bitcoin as an investment opportunity, but in places like Nigeria, Bitcoin and cryptocurrencies offer more than that. They are really a way to make sure that the assets you have today aren’t devalued over the next six months. Unchecked inflation is not just an economic problem; it’s a problem that deeply affects the citizenry when the fiat currency they rely on to purchase food and energy and life essentials is worth a fraction of what it was last year. In places with rampant inflation, Bitcoin is being considered by the populace as a potential solution to a number of institutional problems,” explained Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“As Nigeria looks towards the future, there is a lot of work to be done, to be sure. But, there is much to be optimistic about, as well. The fact that the citizenry is so engaged in cryptocurrencies means that, if the country can put the pieces together and get a handle on infrastructure-based issues, not the least of which is inflation, then it can begin to look at how it can invite innovation and enhance technology’s role as a tool in its economic engine. The interest is already there,” noted Gardner.
Bitcoin Miners Reap a Record $57 Million in Profits Daily
Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that bitcoin miners’ revenue stood at an average of $57 million daily over the last 30 days between March 27 and April 26.
The highest amount was recorded on April 15 at $81,172 in the wake of the asset attaining a record price level. The least daily revenue was on April 17 at $45,028. On March 27, the revenue was $58,772, while on April 26, the figure stood at $47,398.
Elsewhere, compared to the 2017 bull run, the last 30 days cumulative bitcoin miners revenue of $1.7 billion was higher by 40.21%. During the December 2017 rally, the miners’ revenue that month totaled $1.23 billion.
Bitcoin mining revenue usually depends on the asset’s price, which has surged by about 90% in 2021. Notably, on April 14, the asset attained an all-time high of almost $65,000, and miners earned the highest revenue the following day.
Bitcoin mining environmental concern
With bitcoin mining returning high revenues, the report highlights some of the concerns around the activity. According to the research report:
“On the flipside, amid surging revenues for miners, bitcoin continues to be the center of attention from environmentalists questioning the asset’s sustainability. Mining is known to consume more electricity, destabilizing the environment. However, mining equipment manufacturers focus on machines that consume less energy, while bitcoin backers believe in the future, there will be a more proactive shift towards renewable sources of energy.”
However, as mining revenue surges, more miners are motivated to bring more machines online to reap from the growth.
Over $9.2 Billion Worth of Bitcoin Positions Liquidated in 24 Hours as Coin Plunges to $52,000
Over $9.2 billion worth of cryptocurrency positions have been liquidated in the last 24 hours, according to the latest data from bybt.com.
$9.2 billion of long positions were said to have been liquidated following plunged in Bitcoin value from $63,000 to $52,000 in the early hours of Sunday.
Several other short positions were said to be affected. The plunge in the world’s most dominant cryptocurrency dragged on the entire crypto market.
With Ethereum, the second most capitalised coin declining by 20 percent, Cardano by 25 percent, XRP and Doge shed 16 percent and 25 percent, respectively.
As at 9:19 am Nigerian time, Bitcoin is trading at $55,977.35 to a coin. Meaning it has gained almost $4000 in the last four hours.
Crypto investors and traders are expected to jump on the dip and use it to further boost their portfolio.
As of the time of writing, bitcoin’s price has bounced back to around $55,000.
Stocks on Nigerian Exchange Limited Sustains Gain on Tuesday
Smart City Startups to Generate $110.7B in Revenue by 2025, a Trifold Increase in Five Years
Playfre Wins “Best Music Streaming Platform – West Africa” at the Fourth Annual African Excellence Awards
News4 weeks ago
COVID-19: Nirsal Microfinance Bank (NMFB) Loan – Covid19.nmfb.com.ng
Cryptocurrency4 weeks ago
Cryptocurrency Traders Can Now Trade Stocks on Binance
Social Media4 weeks ago
Lack of Basic Amenities, Unclear Growth Policy Force Twitter to Ghana, Builds Headquarters in Ghana
Bitcoin4 weeks ago
Bitcoin Sets a New Record High at $63,000 on Tuesday
Billionaire Watch1 week ago
Ethereum Co-Founder Becomes The Youngest Crypto Billionaire As ETH Hits $3K
Cryptocurrency4 weeks ago
Rap Icon Nas Could Net $100M When Coinbase Lists on Nasdaq
News4 weeks ago
Covid19.nmfb.com.ng: How to Check Nirsal COVID-19 Loan Status
Government4 weeks ago
SERAP Urges FG to Slash Politicians’ Allowances