Bitcoin Hits Fresh Record Above $71,000

Bitcoin hit a fresh record above $71,000 as demand for the cryptocurrency picked up amid optimism that the Federal Reserve will cut interest rates the year.

Truetells Nigeria understands that the unit hit a peak of $71,432 in afternoon Asian business, meaning it has advanced almost 70 per cent this year.

Bloomberg made this known in data released on its website on Monday, March 11, 2024, as Nigeria is one of the largest peer-to-peer crypto markets in the world.

According to Chainalysis, crypto transactions in the country reached $56.7 billion between July 2022 and June 2023.

Recall that a cryptocurrency exchange, Binance, announced plans to discontinue all services related to the Nigerian naira.

The company issued a statement last Tuesday advising users to withdraw NGN, trade their NGN assets, or convert NGN into crypto.

The statement read, “Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.

From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.

“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC) and withdrawals of NGN after 2024-03-08 06:00 (UTC).

“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.

Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

“The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.

“If users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.”