Bitcoin, the world’s largest cryptocurrency by market
capitalisation, has surged to a fresh record high of $68,000.
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.
The last record set by Bitcoin was in October at $67,000
mark.
The cryptocurrency has 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.
In Nigeria, the Central Bank of Nigeria (CBN) had warned
citizens against trading in cryptocurrencies.
The apex bank, in February, directed banks to close accounts
of persons or entities involved in cryptocurrency transactions.
It warned that cryptocurrencies pose the risk of loss of
investments, money laundering, terrorism financing, illicit fund flows and
other criminal activities.
The apex bank has, however, launched its own digital
currency, eNaira.
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