Popular cryptocurrency Bitcoin on Monday hit $49,477 (N73.6 billion), its highest point since December 2021.
The popular crypto, which grew by 4% to hit the new value having climbed a total of 15.7% this year, made the feat due to policy regulation from the United States government.
The American government had approved the U.S. spot bitcoin ETFs, along with expectations for cuts in interest rate.
The crypto was at $49,390 on Monday at 15:35 GMT after it climbed $45,000 on Wednesday, January 3.
Bitcoin surged on Tuesday, January 2, 2024, to begin the New Year, raising hopes of a potential licensing of the cryptocurrency for exchange-traded funds.
The crypto gained 156% last year, marking its best year performance since 2020, and hit a 21-month high of $45,532.
Even if it just increased by 2.5% to $45,318—a record high—it is still far from the peak of $69,000 that it reached in November 2021. Ether, the coin linked to the Ethereum blockchain network, was 1.45% higher at $2,386 on Tuesday after surging 91% in 2023.
What is Bitcoin
Bitcoin (BTC) is a cryptocurrency, a virtual money that can be used to make and receive payments without being controlled by any one person, organization, or other entity.
This eliminates the need for third parties to get involved in financial transactions. It may be acquired on several exchanges and is given to blockchain miners as payment for validating transactions.
Bitcoin was introduced by a group of mysterious developers called Satoshi Nakamoto in 2009.