Bitcoin’s meteoric rise continues as it surges above the $60,000 milestone, marking its highest point in two years. The cryptocurrency’s price soared to $61,280 late on Wednesday, February 28, 2024, reflecting a 7.66% increase from its previous value of $56,917. This remarkable surge follows a tumultuous period in April 2022 when Bitcoin experienced a significant drop to as low as $19,297 from its peak of $68,990 in November 2021.
The overall cryptocurrency market capitalization witnessed a staggering increase of $122 billion within a single day, reaching a total of $2.25 trillion. Bitcoin’s resurgence has been particularly notable, with an 18.3% increase over the past week and an impressive 158% surge over the past year, indicating a strong bullish trend.
Alongside Bitcoin’s surge, several major altcoins have also seen significant growth, with Ethereum climbing by 3.60% to $3,352.90 and Binance Coin (BNB) rising by 5% to $413.70 within the past 24 hours.
Analysts attribute this rapid growth primarily to heightened institutional interest, fueled in part by the recent approval of 11 Bitcoin exchange-traded funds (ETFs) in the United States. This approval led to a historic daily trading volume of $2.4 billion on February 26, 2024. Additionally, investors are eagerly anticipating the upcoming Bitcoin halving event scheduled for April 2024.
The Bitcoin halving, which halves mining rewards, historically triggers significant bullish movements in the market by reducing the rate of new Bitcoin creation, effectively cutting supply inflation by 50%.
**Nigeria’s Troubled Romance with Cryptocurrencies**
In a related context, Nigeria has had a tumultuous relationship with cryptocurrencies. In February 2021, the Central Bank of Nigeria (CBN) issued a directive instructing banks to terminate accounts held by cryptocurrency traders, citing concerns over the use of cryptocurrencies in financing terrorism and facilitating money laundering.
However, in a significant policy shift, the CBN reversed its stance on December 22, 2023, lifting the ban on cryptocurrency transactions and issuing operational guidelines for virtual assets service providers (VASPs) to banks and other financial institutions.
Despite regulatory challenges, Nigerians have displayed enduring enthusiasm and curiosity toward cryptocurrencies, especially during the turbulent phase known as the “crypto winter.”
**Nigeria Mulls Blocking Binance Over Forex Manipulation**
In further developments, the Nigerian government is considering blocking online platforms of cryptocurrency companies, including Binance, to prevent alleged manipulation of the foreign exchange market and illicit financial transfers.
This decision comes as the naira plummeted to an all-time low of N1,815 to a dollar on the black market due to unprecedented depreciation. Reports suggest that digital asset platforms are frequently used to manipulate FX values through fictitious transactions.
The cryptocurrency market’s recent resurgence underscores its growing influence in global finance, presenting both opportunities and challenges for regulators and investors alike.
Source: [Legit.ng](https://www.legit.ng/business-economy/technology/1581296-cryptocurrency-rave-bitcoin-exceeds-60000-mark-time-2022/)
