Bitcoin Hits Eight-Month High at $45,000

Tuesday saw Bitcoin soar beyond $45,000 for the first time since April 2022, capping off a stellar start to the year for the largest cryptocurrency in the world.

The cryptocurrency saw its best year performance since 2020 last year, rising 156%. Although it just had a 2.5% increase to $45,318 it is still well behind the record high of $69,000 it reached in November 2021.

Ether, the second-most popular cryptocurrency, increased 1.2% to $2,386.50 on Tuesday after rising 91% in 2023.

Crypto stocks, which track changes in the price of bitcoin, spiked, with gains of 7% to 10% recorded by Riot Platforms, Marathon Digital, and CleanSpark following significant declines on the final day of trading in 2023.

Nigeria continues to be the country in Africa with the greatest cryptocurrency usage rate, and it is currently among the most advanced in terms of adoption.

A major change in the Central Bank of Nigeria’s position on digital currencies was recently observed when it decided to remove the prohibition on cryptocurrency transactions.

The restriction forbade banks and other financial organizations from engaging in or assisting with transactions involving cryptocurrency assets as of February 2021.

The most recent circular from the CBN, which was published on December 22, 2023, provides rules for banks and other financial institutions on account opening, settlement services, and serving as conduits for trade and foreign exchange inflows for businesses that deal in cryptocurrency assets.

Nigeria’s crypto industry has expanded despite the prior governmental restrictions; between July 2022 and June 2023, the amount of crypto transactions in the nation increased by 9% annually to $56.7 billion.

Nigeria had a 9 percent increase in cryptocurrency transactions between July 2022 and June 2023, reaching $56.7 billion, according to a report by Chainalysis, a blockchain research organization based in New York.

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