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.”
Sport
African athletes disappear, fail to return home after Commonwealth Games in Glasgow
Police Scotland stated that it received reports of several athletes unaccounted for after the tournament.
Economy
AVA Capital highlights market integrity challenges
AVA Capital has identified integrity concerns and inadequate capital market literacy as major obstacles hindering the growth of Nigeria’s financial and capital market.
States
Police advise Nigerian parents to train children to shun drug abuse, cultism
The police command in Enugu has urged parents and guardians to strengthen children’s upbringing to curb hard drug abuse, cultism and other social vices.
![Ebonyi state governor, Francis Nwifuru [Photo: Twitter]](https://gazettengr.com/wp-content/uploads/Ebonyi-state-governor-Francis-Nwifuru-Photo-Twitter.png)
States
NCC hands over digital facilities to Enugu govt
NCC has handed over the Digital Industrial Park and the Digital Bridge Institute to the Enugu government on a 15-year operational lease agreement.
World
200,000 people received humanitarian assistance after Venezuela quakes: UN
The UN says response continues to expand more than five weeks after the devastating earthquakes in Venezuela, as 200,000 people have received humanitarian assistance.
Agriculture
Africa bears heavy burden of biodiversity loss, UN says
Africa is bearing a disproportionate burden of global biodiversity loss, threatening food security, livelihoods, clean water and climate resilience across the continent.
