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Cryptocurrency

Crypto market surges by $86 billion, as Bitcoin reclaims $55,000 mark

The reduced selling pressure earlier witnessed, brought a measure of relief, as Bitcoin surged by 4.8% on the day to about $55,000.

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The Crypto market rebounded strongly amid significant buying pressure from a number of high net worth entities, leading the market gain to over $86 billion in market value.

The reduced selling pressure earlier witnessed, brought a measure of relief, as Bitcoin surged by 4.8% on the day to about $55,000, allowing the world’s most popular crypto to reclaim its losses from the past few days.

At the time of writing this report, the crypto market was valued at $1.74 trillion posting a gain of 4.94% for the day.

READ: Why Ethereum is becoming more attractive than Bitcoin

The total crypto market volume over the last 24 hours is $120.53 billion which makes an 8.04% decrease.

  • The total volume in DeFi is currently $8.75 billion, 7.26% of the total crypto market daily volume.
  • The volume of all stable coins is now $89.37 billion, which is 74.15% of the total crypto market daily volume
  • Bitcoin’s price is currently $55,224.50.
  • Bitcoin’s dominance is currently 59.40%, a decrease of 0.08% over the day.

In addition, buying pressure in Ethereum helped the crypto market upside momentarily as it traded around $1,665.8, posting a gain of about 4% for the day.

In a tweet recently posted by Mike McGlone, senior commodity strategist at Bloomberg Intelligence, he revealed the year 2021 could be the turning point for the world’s most popular crypto asset in gaining higher momentum thus possibly hit the $400,000 mark in about three years time.

READ: Many millionaires plan to buy Crypto before 2022

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That being said, Peter Schiff, a strong critic of Bitcoin and highly respected gold hedge fund manager, warned investors of the risk associated with the fast-rising crypto despite news revealing top investment bank, Morgan Stanley allowed some of its wealthy customers access to Bitcoin funds exposure.

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READ: $100 billion wiped in crypto market amid profit taking

“Morgan Stanley limiting crypto access to 2.5% of high net worth individual accounts, that has over $2 million in assets and have been active for over six months, shows that the bank realizes Bitcoin is very risky and wants to limit legal liability from investors who lose money,”  Schiff recently claimed.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Dogecoin up 168%, more valuable than Polkadot, Cardano

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

READ: Bitcoin miners are consistently earning $50 million daily

Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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Business News

CBN, SEC working on regulatory guideline for cryptocurrency trading

The SEC has stated that it is in discussion with the CBN to better understand and regulate the crypto-assets market.

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The Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country.

This is coming after CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos and other digital assets.

This disclosure was made by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC) virtual news conference.

Yuguda said that the commission was in discussion with the CBN for better understanding and regulation of the crypto-assets market, adding that the capital market regulator had suspended the implementation of crypto assets guidelines due to lack of access to Nigerian bank accounts.

READ: Binance, Quidax, Buycoins Africa, Bundle obey CBN’s crypto ban

What the Director-General of SEC is saying

Yuguda in his statement said, “We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.

But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” he said.

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Yuguda, however, pointed out that SEC had always provided support to Fintechs and had invested so much in developing a framework to support their operations.

READ: Why buying Bitcoin in Nigeria is not cheap

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He said, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

He acknowledged the fact that the fintech market had been disrupted by the CBN’s ban on access to Nigerian bank accounts by the crypto exchange.

He said, “In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

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And the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

READ: Analysing the Central Bank of Nigeria’s Dollar Remittance Policy

In case you missed it

  • The apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.

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