Bitcoin Hits $49,000 as Ethereum Rises 150% YtD

The Bitcoin (BTC) reached a new record on Sunday, rising above $49,000, equivalent to N23.5 million, for the first time.

The world’s largest cryptocurrency crossed the N23 million mark earlier today and has continued to surge with many expecting it to hit $50,000 within the week as the token continues to gain ground and acceptance from top companies around the world.

It is now up by about 70 per cent so far this year.

A rival cryptocurrency, Ethereum (ETH), also hit a record on Saturday and is up about 150 per cent year-to-date.

Bitcoin has been buoyed in recent months by endorsements from many people including Elon Musk, Jack Dorsey, Paul Tudor Jones and Stan Druckenmiller.

Mr Musk, who owns automobile maker, Tesla, said it will soon accept Bitcoins as a form of payment for its electric cars.

It has also been adopted by companies including Visa, Mastercard Inc. and Bank of New York Mellon Corporation, which moved to make it easier for customers to use cryptocurrencies.

This is coming at a time when the Nigerian government has placed an embargo on trading channels.

Earlier this month, the Central Bank of Nigeria (CBN) had implemented a restriction on crypto trading, instructing commercial banks and other financial institutions to close accounts involved in transactions with cryptocurrency exchanges.

The apex bank insisted that this directive was intended to protect the country’s financial system from the risks that are associated with cryptocurrencies.

Although the reasons stated by the apex bank has been rubbished by experts, the regulator showed no sign of backing down, insisting that the regulation has been in place in 2017.

Nigeria ranks as one of the leading cryptocurrency markets in the world and many experts have said regulations could not stop the trading of the digital currency as peer-to-peer trading will find popularity, a move that will eliminate the need for banks in carrying out transactions.