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Bitcoin’s value hits five-month high as investors pocket N24.65tr

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LONG READ... CBN CRYPTOCURRENCY BAN: What is the noise about?

Bitcoin’s price reached $63,261 on Tuesday, the digital asset’s highest market value in five months.

The price surge was influenced by increasing confidence in the most popular cryptocurrency by investors and other members of the Bitcoin community.

However, the figure was 2.50 percent lower than the all-time high of $64,888.99 recorded in May, with the total market valuation rising to $1.18 trillion five days after it stood at $1.12 trillion.

The rise in Bitcoin market value gifted holders N24.65 trillion ($60 billion) within the period.

READ ALSO: Bitcoin holders pocket $90bn amid surge induced by impending U.S approval

The Bitcoin market has been on a bullish run since the second half of this year after holders suffered heavy losses between mid-May and July, trading below $30,000.

This followed the announcement by Tesla founder, Elon Musk, that the automaker would no longer accept Bitcoin as a payment option due to its impact on the environment.

Since the announcement in May, Bitcoin has been struggling to rally back and it regained momentum in H2 to head towards its $100,000 landmark projection.

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