Just, as usual, Bitcoin news has found a spot on every news platform, especially in financial journals and reports, following its increasing popularity and mulled adoption by governments and global leaders. Reputed as the biggest and most credible digital currency in the world, new investors are finding their way into the crypto space through Bitcoin.
In a sequel, we have compiled some of the major Bitcoin news that cuts across global interest for your better understanding.
Bitcoin Hits Record High, Toppling $68,000 Amid Inflation Surge
The Bitcoin price reached a new record high of 1.9% increase to $68,991 on Wednesday, surpassing $68,000, and analysts have predicted its steady increase in the coming weeks. This beats the previous record high in late October when the price of Bitcoin hit almost $67,700 before falling back after investors discovered a new cryptocurrency, Shiba Inu. However, other cryptocurrencies have had a rise in price, such as Ethereum, which soared to $4,837.
Despite its volatility, Bitcoin remains the world’s largest digital currency, with a market cap of over $1.1 trillion.
Bitcoin Becomes World’s 13th Largest Currency
Bitcoin has overtaken the Swiss Franc to become the world’s 13th largest currency. This new development came after the launch of the first Bitcoin ETF in the United States. The price of digital currency has been on a bullish run, breaking all records and crossing $66,000. This comes in corroboration of Bitcoin growth that has been mirrored onto other cryptocurrencies, including Ethereum, Shiba Inu, and Solana as other major cryptos also witnessed a massive price rally.
The report of an evaluation conducted by the market analysts and industry experts revealed that Bitcoin now ranks above Facebook and Tesla, whereas the general crypto market is currently priced more than Apple for more than $2.5 trillion.
Bitcoin Stabilizes As Traders Prepare For Taproot Upgrade
Bitcoin is gaining remarkable stability after yesterday’s pullback from an all-time high near $68,950. Analysts continue to expect further upside for cryptocurrencies despite short-term price swings. Other analysts pointed to the upcoming Bitcoin blockchain Taproot upgrade as a bullish event for Bitcoin’s price.
“The Taproot upgrade will likely be activated by the end of this week or early next week,” crypto trading firm QCP Capital wrote in a Telegram announcement. “This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions,” QCP wrote. The firm is holding onto long BTC positions into the network upgrade event.
CBN Urges Nigerians To Embrace e-Naira Amid Bitcoin Surge
Following the record-high Bitcoin experience this week, the Central Bank of Nigeria (CBN) has fostered its effort to urge Nigerians to embrace the eNaira, Africa’s first Central Bank Digital Currency (CBDC).
The Director of the Corporate Communications Department for CBN, Osita Nwanisobi, appealed while speaking at the CBN special day at the Lagos International Trade Fair.
After US inflation data strengthened the notion that Bitcoin is a hedge against rising cost pressures, Bitcoin hit another record high and is currently waving around the $64,000 range. Consequently, Nigeria will not be able to benefit from the booming crypto market due to CBN’s ban on crypto transactions.
