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Over $13.26bn bitcoin transacted in 24hours amid 0.34 percent decline



Bitcoin is catalyst for change, US SEC nominee disagrees with CBN

As bitcoin continues to struggle to remain above $60,000, retail, institutional and high networth Investors are edging it on with their activities in the cryptocurrency market.

The last 24hours has been significant for bitcoin which rose past the mark for the third time in two months.

The most popular cryptocurrency had hit $60,588 in the last 24hours, before dropping by 0.34 percent in value within the same timeframe, according to tracking of the digital asset on Coindesk, as at the time of filing this report.

Despite the volatility that still exist in the bitcoin market, which is placed at 0.49 percent, investors looking to hedge their wealth found the crypto king as a suitable store of value.

It was gathered that the participation in the cryptocurrency market recorded 300,140 bitcoin traded among investors in 24hours. The value of the digital coins traded was placed at $13.26 billion.

Read also: Bitcoin taps $60,000 mark as JP Morgan projects new mark to dethrone Gold

That’s over N5 trillion when converted to naira, and the average fee transacted was $18.01. Meanwhile, the total supply of bitcoin to the market is currently put at 18.68 million. The current bitcoin price is $59,981, with total market value at $1.12 trillion.

Reacting to the adoption and acceptance of bitcoin during the weekend, Michael Saylor, the founder of one of bitcoin’s largest holders, Microstrategy, said, “The world is waking up to the phenomenon of Bitcoin.”

Nigerian tech expert, Victor Asemota, also stated that it is only a matter of time for every Nigerian and African Fintech company to enter cryptoeconomy, “My prediction – Every African Fintech company is going to eventually become a crypto company or have crypto rails.

“It is only a matter of time. Going above and beyond regulatory limitations and policy inconsistency is inevitable.”

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