Ethereum
‘Big News’: Forget Spot Bitcoin ETF, a Huge Unexpected Banking Reversal Could Be About to Drive the Price of Bitcoin, Ethereum, XRP, Solana and Crypto Soar
Bitcoin
BTC
and cryptocurrency prices have skyrocketed this year, pushed upward by expectations of major changes in 2024.
The price of bitcoin has been nearing $45,000 per bitcoin in recent weeks, boosting other major cryptocurrencies such as Ethereum and XRP.
XRP
and Solana – as hype surrounding a potential Bitcoin exchange-traded fund (ETF), sparked by Wall Street giant BlackRock
BLACK
reached its climax (with a big update revealed this week).
NOW, as China revealed to have quietly opted for cryptoNigeria, the country with the highest bitcoin and adoption rate after India, has suddenly lifted restrictions on banks handling crypto transactions.
The historic Bitcoin halving, which is expected to cause cryptocurrency price chaos, is fast approaching! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
Bitcoin price soared through 2023, driving up the price of Ethereum, XRP, solana and others… [+] cryptocurrencies.
SOPA Images/LightRocket via Getty Images
“Current global trends have shown that there is a need to regulate the activities of virtual asset service providers (VASPs), which include cryptocurrencies and crypto assets,” wrote the Central Bank of Nigeria (CBN) to the country’s banks, according to local authorities. reportsreversing a 2021 ban that prevented commercial banks from offering services to crypto exchanges in the country.
However, banks are still prohibited from holding, trading or transacting cryptocurrency using their own accounts.
“This is big news,” said Jeremy Allaire, chief executive of stablecoin company Circle. job to X.
Despite the ban on banks trading bitcoin and cryptocurrencies in 2021, the use of cryptocurrency has increased sharply in Nigeria, placing the country just behind India as the world’s largest adopter of this technology.
Crypto trading volume in Nigeria increased 9% year-on-year to $56.7 billion between July 2022 and June 2023, according to a September report. report by the blockchain detectives at Chainalysis.
Sign up now for CryptoCodex—A free daily newsletter for the crypto-curious
Forbes Donald Trump plans to spark a $2 trillion Bitcoin price boom in 2024 By Billy Bambrough
The price of bitcoin has rebounded this year, making up much of the ground lost during the huge… [+] crypto market crash, climbing with small coins Ethereum, XRP and Solana.
Forbes Digital Assets
Interest in bitcoin and crypto in Nigeria has exploded as the country, Africa’s largest economy, grapples with a rapid collapse of its currency and soaring inflation.
“People are constantly looking for opportunities to hedge against the devaluation of the naira and the continued economic decline since Covid,” said Moyo Sodipo, co-founder of Nigeria-based cryptocurrency exchange Busha. said Reuters.