Bitcoin hits $60,000 as U.S. stock exchange listing draws near
Ahead of its New York Stock Exchange listing, Bitcoin hit a five-month high, trading as high as $60,000.
The cryptocurrency surged as high on Friday, trading at its highest level since May. Data from Binance exchange platform shows that Bitcoin was traded 2.5 per cent higher in the past 24 hours, and hit $59,999.95 before dropping to $59,400 on Friday afternoon. .
The digital asset’s trade surge was due to the ProShares Bitcoin Strategy ETF scheduled to debut at the New York Stock Exchange on Tuesday. Despite former rejections for cryptocurrency to be listed on the stock exchange, a Bloomberg report noted that the proposal by ProShares and Invesco Ltd. was based on futures contracts and have been filed under mutual fund rules that provide “significant investor protections.”
“The ETF news is being priced in with the market expecting an approval on Monday. This is driving the price up,” Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, told CNBC.
The approval of digital assets like Bitcoin at the stock exchange would set the tone for wide acceptance from mainstream investors.
Bitcoin and other tokens in the cryptocurrency have been on a wild ride this year. The digital coin hit an all-time high of nearly $65,000 in April before slumping sharply on the back of a crackdown on the crypto market in China.
In October, it slowly rose to about $51,000 following the Bank of America’s decision to support cryptocurrency transactions as a new asset class with the launch of a digital asset research programme.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
School Abduction: Oyo Assembly backs Gov Makinde’s call for international investigation
The lawmaker cautioned the public and the Nigerian Senate against misinterpreting the purpose of the state governor’s call for an international investigation.
Politics
Tuggar group rejects Bauchi APC governorship candidate Mohammed Abubakar
He dismissed Mr Abubakar’s declaration as a governorship candidate, alleging that there were no governorship primaries in the state.
Hot news Home top
Oyarzabal, Porro score as Spain beat France to reach World Cup final
Spain will face the winner of the second semi-final match between England and Argentina on Sunday.
Economy
PenCom cuts pension approvals to 48 hours, recovers N36 billion arrears
She said the 48-hour approval timeline had become a mandatory service standard binding on all PFAs.
Heading 5
Freed Oyo pupils, teachers reunite with families
The pupils and teachers reunited with their families on Tuesday.
NationWide
DHQ engages military veterans on welfare, national service
He said the welfare of retired personnel remained one of the top priorities of the DHQ under the current leadership.
