Bitcoin Hits N13 Million Per Coin on Wednesday
Bitcoin extended its gain to N13.11 million or $27.681 per coin on Wednesday morning as investors continue to dump money on cryptocurrency assets following the signing of the US stimulus package by President Trump.
The world most capitalised crypto-asset gained 19.27 percent in the last 24 hours to extend its bullish run and increased its market value to N243.13 trillion with a N4.63 trillion volume of trade.
Despite global uncertainty, especially with more countries expected to shut down because of the new variant of COVID-19, cryptocurrencies have deferred traditional assets and continue to soar in an unusual move that has made businesses and organisations start accepting Bitcoin as a form of payment.
In a recent article by the Wall Street Journal, luxury auto dealers in Vegas have started accepting Bitcoin from wealthy investors. Nick Dossa, the owner of one of the auto businesses, said 3 to 5 percent of the dealership’s revenue comes from Bitcoin deals.
Still, it was PayPal’s decision to get into cryptocurrency exchange space following a fallout with Facebook Libra that further pushed cryptocurrency into the mainstream in spite of lack of regulation and control that has led to over N13 billion lost in 2020 alone.
The entire crypto space could skyrocket without regulatory hindrance in 2021 given that Paypal is planning to increase available options by allowing users to make payments from their bitcoin balances to any of the 28 million merchants already on Paypal by the first half of 2021.
Ethereum also gained 10.59 percent to N277.716 per coin and N31.67 trillion market capitalisation, more than the currently celebrated N20.4 trillion seven high Nigerian Stock Exchange value attained this year.
Litecoin, Bitcoin Cash and Binance Coin added 23.98 percent, 8.09 percent and 19 percent to N46,675, N132,397 and N17,720, respectively.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Bitcoin Surpasses $42,000 Mark, Ethereum Follows Suit, Triggering Crypto Rally
Bitcoin Breaks $40,000 Price Levels Amidst Optimism and Regulatory Developments
Bitcoin on Monday broke $40,000 resistance levels following a 2.9% surge in price to $40,867 per coin.
The world’s largest digital currency has now appreciated by 146% in 2023 as more institutional investors continue to increase their investments in the unregulated cryptocurrency space.
Investors are exhibiting growing confidence in the Federal Reserve’s apparent conclusion of rate hikes amid a cooling inflation backdrop.
This shift in sentiment has redirected attention to the anticipated extent of rate cuts in the coming year, prompting a rally across global markets.
The cryptocurrency industry is currently in anticipation as regulatory decisions, particularly regarding applications for the first US spot Bitcoin exchange-traded funds (ETFs), hang in the balance.
Bloomberg Intelligence anticipates the approval of a batch of these ETFs by the Securities & Exchange Commission (SEC) by January.
“Bitcoin continues to be supported by optimism around SEC approval for an ETF and Fed rate cuts in 2024,” noted Tony Sycamore, a market analyst at IG Australia Pty.
Technical analysis points to $42,330 as the next significant level to monitor in Bitcoin’s upward trajectory.
Despite recent crackdowns in the industry, including legal actions against figures like Sam Bankman-Fried and Binance, Bitcoin has proven resilient.
Optimists argue that these regulatory measures, alongside the potential approval of ETFs, signify the maturation of the crypto industry and the prospect of a broader investor base.
According to Su Yen Chia, co-founder of the Asia Crypto Alliance, recent enforcement actions “have instilled confidence among investors,” noting that Bitcoin is aligning with momentum in traditional finance as expectations of Fed rate hikes fade.
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 14th November 2023
News4 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 21st November 2023
Telecommunications3 weeks ago
Airtel Africa Announces Interim Dividend Amidst Robust Half-Year Performance
Naira4 weeks ago
N-Power Dismisses Fake Recruitment Reports, Highlights Ongoing Payment Resolutions