Bitcoin on record high towards $20,000 - Enjoy this Awesome Report

Bitcoin on record high towards $20,000

Bitcoin on record high towards $20,000

Top virtual currency bitcoin briefly soared to a new high Monday, heading towards $20,000 per unit.

The currency soared past its previous high of $19,783 to hit 19,800 with some sector analysts forecasting it will soon breach the 20,000 resistance point.

Debate has raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.

Monday saw it rise some 8 per cent, taking its yearly rise past 150 per cent, according to data compiled by Bloomberg, a far cry from the few cents it traded at in its early days which followed on the heels of the global financial crash.

In March it stood at just $5,000.

The unit, which regularly sees its value suffer wild swings, had slipped back to &19,380 by mid-afternoon, for a day rise of 6.5 per cent, leaving its total market capitalisation at around $360 billion.

Since October the ‘digital gold’ has risen some 40 per cent, spurred notably by PayPal online payments giant saying it would enable account holders to use cryptocurrency.

The California-based firm also said the new service will also permit customers to buy, hold and sell cryptocurrency units and use them for payments at retailers.

ALSO READ: Biden taps Nigerian-born Wally Adeyemo as deputy Treasury secretary

After its initial December 2017 tear, bitcoin saw its market value plummet by some three quarters in the months that followed.

OANDA senior market analyst Craig Erlam said Monday bitcoin price levels are now “entering uncharted territory” and could barrel even higher as financial institutions show ever growing interest in digital currencies.

A number of central banks have responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units that would be ‘risk free’ like fiat banknotes and coin.

Several central banks including those of China and Sweden — but also the US Federal Reserve — are also testing digital applications in response to Facebook’s recent moves to produce its own digital unit, Libra.

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic — although criminals have also seen its under-the-radar appeal.

After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions.

Late week, it emerged that hedge fund Guggenheim Partners revealed in a regulatory filing it is considering earmarking around $530 million for an investment in bitcoin via a private investment vehicle.

[AFP]

Vanguard News Nigeria

The post Bitcoin on record high towards $20,000 appeared first on Vanguard News.

Tyranny of God

Comments

Post a Comment

Popular posts from this blog

Keystone Bank partners NCF on tree planting campaign - Enjoy this Awesome Report

Image
Keystone Bank KEYSTONE Bank Limited has partnered with the Nigerian Conservation Foundation (NCF) on a tree planting campaign in Lagos State. The trees are expected to absorb carbon dioxide in the environment and create an ecosystem that will help to reduce pollution. The bank in a statement said the campaign was to support ongoing global efforts  to ensure sustainable cities and communities under the Sustainable Development Goal (SDG) 11 of the United Nations (UN). Speaking on the campaign in Lagos recently, Mr. Adeyemi Odusanya, an Executive Director of the bank, said some staff members of Keystone Bank recently visited the NCF office in Lagos to plant some Mahogany trees. READ ALSO: More Chinese cities shut down as virus death toll rises He said the objective was to further the operations of the bank with the Sustainable Development Goals, adding that under the arrangement, NCF will nurture the plants to maturity. Under the SDG 11 of Sustainable Cities and Communities, citie
Read more

Death toll rises to 39 after earthquake in western Turkey - Enjoy this Awesome Report

Image
At least 39 people have died after a major earthquake struck western Turkey, President Recep Tayyip Erdogan said, adding that as many as 103 survivors have been freed from collapsed buildings. A total of 885 people were hospitalized, 667 of whom have already been dismissed, Erdogan told reporters in Turkey’s third-largest city, Izmir, where a 6.6-magnitude earthquake destroyed nearly 20 buildings and triggered a sea surge. Around 3,000 tents have been set up, while student dormitories are ready to host locals who must stay away from damaged buildings, Erdogan said. The Turkish president thanked world leaders for messages of solidarity, adding that over 90 countries have shared condolences. More than 30 hours into operations, as many as 5,000 rescue workers were still searching for signs of life under the rubble of at least nine collapsed buildings in central Izmir on Saturday, the state-run broadcaster TRT showed. On top of an eight-storey Riza Bey apartment block in Bayrakli dis
Read more

2021 Hajj: Kwara Muslim Pilgrims Board begins preparations - Enjoy this Awesome Report

Image
The Kwara Muslim Pilgrims Welfare Board has said that preparations for the 2021 Hajj operation for intending pilgrims willing to travel with the board will commence on September 7. Alhaji Mohammed Tunde-Jimoh, the Executive Secretary of the board, said this in an interview with the newsmen in Ilorin recently. Tunde-Jimoh said the board had mapped out a strategy to ensure a hitch-free Hajj for intending pilgrims for the 2021 holy pilgrimage to Saudi Arabia. He said that only 100 of 1,800 intending pilgrims, who paid their Hajj fare for the aborted 2020 Hajj, had so far requested for refund. He assured that the remaining 1,700 who rejected refund would first be considered in the 2021 Hajj operation. “Intending pilgrims for 2020 Hajj, who did not collect their money had taken the right decision. “This is because Saudi Authorities may reduce the number of intending pilgrims and the board will first treat those that left their fare with us,” he said. The executive secretary of the
Read more