Cryptocurrency - Business Metrics

Bitcoin hits $51k as short-term bull case strengthens amid weakening dollar

Mar 3, 2021 Banjo Olaniran

Bitcoin hits $51k as short-term bull case strengthens amid weakening dollar The U.S. dollar index (DXY) is showing signs of a short-term top as the price of Bitcoin (BTC) demonstrates signals of a short-term rally. There is a narrative that the price of Bitcoin often coincides with a drop in the value of the dollar. Since stores of value, like gold and Bitcoin are priced against the dollar, theoretically, a downtrend in the DXY would likely have a positive impact on the price of BTC. Bitcoin retakes $50,000 again…

Adopt pragmatic approach to cryptocurrency, Luno tells CBN

Mar 2, 2021 Ugochi Emmanuel

Adopt pragmatic approach to cryptocurrency, Luno tells CBN Luno, a globally recognised crypto platform, has called on the Central Bank of Nigeria (CBN) to adopt pragmatic approach to cryptocurrency (regulation). With over three million customers in Nigeria alone, Luno is one of the leading players in the country’s crypto space. In a statement issued today, the Company detailed its strategy to navigate the impact of the CBN’s circular as well as deeper context on the ban’s effect on Nigeria’s crypto sector. In its earlier statement following the ban…

Bitcoin collector MicroStrategy invests fresh $1bn on Bitcoin

Feb 25, 2021 Banjo Olaniran

Bitcoin collector MicroStrategy invests fresh $1bn on Bitcoin Major bitcoin corporate backer MicroStrategy Inc. said today, Wednesday, that it bought another 19,452 bitcoin, worth around $1.03 billion, swelling its holdings of the cryptocurrency and sending the company’s shares 8 per cent higher in premarket trading. The company, whose chief executive officer, Michael Saylor is one of the most vocal proponents of bitcoin, bought the cryptocurrency in cash at an average price of about $52,765 each. MicroStrategy, the world’s largest publicly traded business intelligence company, spent last year steadily amassing…

Amidst CBN’s crypto ban, Morocco’s central bank considers launching own digital currency

Feb 24, 2021 Business Metrics

A Central Bank Digital Currency (CBDC) is the digital form of a country's fiat currency that is also a claim on the central bank.

Morocco’s central bank, Bank Al-Maghrib (BAM), is considering launching a central bank digital currency (CBDC), according to CoinDesk. A Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or account backed by the full faith and credit of the government This is in sharp contrast with Nigerian government’s acceptance of digital currencies in the country following recent ban of crypto asset trading through Nigerian bank accounts by the Central Bank of Nigeria. The financial website reported…

Danger ahead? Bitcoin faces price turbulence as market liquidity falls

Feb 22, 2021 Ugochi Emmanuel

Bitcoin faces price turbulence as market liquidity falls With liquidity falling in the bitcoin market, smaller trades can have a relatively large price impact, according to analysts. Bitcoin’s falling market liquidity – how much is available for trades – is raising the risk of wild price swings, analysts at JPMorgan have hinted. “Market liquidity is currently much lower for Bitcoin than in gold or the S&P 500, which implies that even small flows can have a large price impact,” Bitcoin’s falling market liquidity – how much is available…

IMF backs CBN’s restriction on use of cryptocurrencies

Feb 18, 2021Feb 18, 2021 Umar Suleiman

IMF backs CBN’s restriction on use of cryptocurrencies In what appeared as a way of baking Nigerian apex bank’s ban of cryptocurrency transactions in the country, an official of the International Monetary Fund (IMF) has called for caution in the use of the digital currencies, describing it as a concern. It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria. Ari Aisen, the Resident Representative of IMF for Nigeria, said the concern on the use of cryptocurrencies was why many…

Bitcoin defies U.S. rising bond yields to hit historic $51,000

Feb 17, 2021 Ugochi Emmanuel

Bitcoin defies U.S. rising bond yields to hit historic $51,000 Despite an uptick in U.S. government bond yields, Bitcoin’s dizzying bull run is showing no signs of slowing down as the asset continues to attract more funds its inflating its value. The cryptocurrency market leader set a new lifetime high of $51,348 early Wednesday, having penetrated the psychological level of $50,000 on Tuesday for the first time, according to CoinDesk 20 data. Prices have risen by 53 per cent this month alone. The latest move higher comes on the…

Bitcoin price hits $50,000 for first time in history

Feb 17, 2021 Business Metrics

Bitcoin price hits $50,000 for first time in history The price of Bitcoin has hit $50,000 for the first time in history. The cryptocurrency has been in the spotlight recently; receiving endorsements from Elon Musk, Tesla CEO, and Mastercard. Bitcoin, the world’s largest cryptocurrency, garnered renewed interest in January when Musk began to tweet and about his investment and updated his Twitter bio with “#bitcoin”. Following in the footsteps of its CEO, Telsa announced that it had updated its investment policy to get “more flexibility to further diversify and…

Canadian capital market regulator approves first bitcoin ETF

Feb 13, 2021 Business Metrics

Canadian capital market regulator approves first bitcoin ETF The Ontario Securities Commission has approved a Bitcoin exchange-traded fund, the first such fund to be listed on any North American stock exchange. Dubbed Purpose Bitcoin ETF, the fund will be managed by Purpose Investments Inc, according to the official documents approved on Thursday. It was filed under the Multilateral Instrument Passport System in several Canadian jurisdictions. These territories include British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut.…

PayPal unlikely to invest in crypto assets

Feb 12, 2021 David Alonge

PayPal unlikely to invest in crypto assets The Chief Financial Officer (CFO) of Paypal Holdings Inc, John Rainey has revealed that Paypal is not likely to buy cryptocurrencies such as Bitcoin. Rainey said in an interview with CNBC that “we’re not going to invest corporate cash, probably, in sort of financial assets like that, but we want to capitalize on this growth opportunity that’s in front of us.” PayPal said in October it will allow U.S. customers to hold bitcoin and other virtual coins in its online wallet, and…