Cryptocurrency - Business Metrics

Over $1 billion spent on crypto-linked Visa cards in H1

Jul 9, 2021 Banjo Olaniran

Over $1 billion spent on crypto-linked Visa cards in H1 More than $1 billion worth of cryptocurrency was spent around the world on crypto-linked Visa cards in the first half of the year. After years of reticence, Visa has recently embraced crypto and now partners with 50 firms in the space on card programmes that make it easy to convert and spend the likes of bitcoin at 70 million merchants worldwide. The card giant says that it is helping to make crypto a viable payments options – and…

Bitcoin will plunge to $25,000, says JPMorgan

Jun 30, 2021 David Alonge

Bitcoin will plunge to $25,000, says JPMorgan JPMorgan Chase’s analysts have said that bitcoin price will decline to the $25,000 level before longer momentum will signal capitulation. They expect the cryptocurrency market to soon begin the process of healing, but expect further sell-offs before capitulation. Bitcoin price stood at $34,568.39 at 10:42 pm today, Wednesday June 30, according to CoinMarket. According to news.bitcoin.com, the analysts, including Josh Younger and Veronica Mejia Bustamante, recently wrote about the outlook of the cryptocurrency market in a note. They explained that the…

EXPLAINER: Why crypto market lost $120bn in a day and $270bn in 1 week

Jun 21, 2021 David Alonge

EXPLAINER: Why crypto market lost $120bn in a day and $270bn in 1 week The going is getting tougher for the crypto market, and like never before, the is losing billions of dollars at an accelerated rate. The cryptocurrency market had a fatal week as the market capitalization of the entire market shed approximately 17 per cent value over the week. his represents a $270 billion decline which put the current market capitalization at $1.36 billion from $1.63 trillion at the start of the previous week. Three main reasons…

ANALYSIS: Bitcoin and Nigeria

Jun 16, 2021 Business Metrics

By Coronation Research Bitcoin has taken the world by storm over the past year, but Nigerians were alert to the opportunities early on, and data suggests that they are among the most active Bitcoin traders in the world. At the same time, numerous central banks take a dim view of cryptocurrencies and would like to control them. What is the way forward? Bitcoin is the most commonly traded cryptocurrency in the world, accounting for about 60% of the global cryptocurrency market. It is created as a reward for a…

How Bitcoin leads other cryptocurrencies to fail investability test – Goldmans Sachs

Jun 16, 2021Jun 16, 2021 Ugochi Emmanuel

How Bitcoin leads other cryptocurrencies to fail investability test – Goldmans Sachs As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs is telling retail investors that the digital currency isn’t worthy of most portfolios—at least not yet. In a new report to private-wealth management clients, Goldman’s Investment Strategy Group (ISG) noted that Bitcoin and other cryptocurrencies fail to meet the criteria it believes determine whether an asset class is “investable.” “While the digital asset ecosystem may well revolutionize…

UPDATE: What happened in the crypto market on Tuesday

Jun 16, 2021 Banjo Olaniran

UPDATE: What happened in the crypto market on Tuesday The crypto market traded bearish on Tuesday, 15th June 2021, recording a decline of 1.45% to close at $1.64 trillion. The highly sought-after crypto asset, Bitcoin, slumped by 1.31% to close at $40,000, while Ethereum dipped by 1.92% to close at $2,533.36. Meanwhile, Twitter’s Founder/CEO, Jack Dorsey has said that he is confident about the future of Bitcoin in Nigeria and believes Nigeria will lead the charge for the largest cryptocurrency despite the ban by the CBN. Also, a business…

Bitcoin jumps after Musk says Tesla could use it again

Jun 14, 2021 Business Metrics

Bitcoin jumps after Musk says Tesla could use it again Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept…

Nigerians will lead Bitcoin revolution, says Twitter CEO

Jun 14, 2021Jun 14, 2021 Banjo Olaniran

Nigerians will lead Bitcoin revolution, says Twitter CEO Jack Dorsey, the co-founder and chief executive officer of Twitter, a microblogging platform, says “the people of Nigeria will lead bitcoin” revolution. Dorsey tweeted on Sunday in response to an Oped on Bitcoin Magazine written by Russell Okung, an American footballer. Okung, a Nigerian descendant and self-acclaimed Bitcoin proponent, advised Nigeria to focus on achieving “economic independence and financial sovereignty” by establishing a Bitcoin standard. “It is no secret that the current global economic environment is worrisome and unsustainable,” Okung wrote in…

CBN makes U-turn on crpto, to unveil digital naira this year

Jun 11, 2021 Banjo Olaniran

CBN makes U-turn on crpto, to unveil digital naira this year Away from initial impression against dealing in cryptocurrencies in Nigeria, the Central Bank of Nigeria (CBN) has announced plan to launch its own digital currency before end of this year. The decision on digital currency was a major outcome of Bankers’ Committee Meeting on Thursday where the apex bank also assured of adequate foreign exchange supply to meet all legitimate transactions through Deposit Money Banks (DMBs). The Director of Information Technology of the apex bank, Mrs. Rakiya…

DOGE vs BTC: Elon Musk In Crypto Space Race With BitMEX

Jun 11, 2021 Business Metrics

DOGE vs BTC: Elon Musk declares crypto ‘space race’ with BitMEX has begun

DOGE vs BTC: Elon Musk In Crypto Space Race With BitMEX A 21st-century space race appears to be brewing between Elon Musk and BitMEX, with both parties pledging to launch their respective crypto of choice to the literal moon first. On Friday, popular crypto derivatives exchange BitMEX announced it would be supporting space robotics firm Astrobotic Technology in the company’s mission to send its first commercial lander to the moon during Q4 2020. Noting that the mission aims to be the first instance in which “a private company leading…