Bitcoin Now N7.2m at Crypto Market as Naira Falls to N465/$

By Adedapo Adesanya

The value of Bitcoin (BTC) appreciated by 11.7 per cent on Thursday, November 5, continuing its bullish run as it traded at a record N7,179,677 million at the cryptocurrency market.

The digital token’s latest rally comes as the outcome of Tuesday’s US presidential election remains uncertain.

Possible election turmoil, coupled with the prospect of continued government spending and easy monetary policy regardless of who wins the presidency brought back demand for the coin which hit a record high since January 2018.

Business Post gathered from Quidax that other cryptocurrencies equally followed the same trend at the market yesterday.

The Ethereum (ETH) sold for N191,026.29 after going up by 3.9 per cent, while the Ripple (RPX) equally appreciated in value by 4.5 per cent to N112.91, with the Dash (DASH) gaining 0.9 per cent to trade at N31,099.99.

Furthermore, the Litecoin (LTC) traded higher by 5.7 per cent to settle at N26,933.03, the Tron (TRX) sold for N11.62 after gaining 3.6 per cent, while the US Dollar Tether (USDT) was the only decliner on Thursday as it slipped by 0.7 per cent to sell for N460.83.

Meanwhile, at the foreign exchange market yesterday, the Nigerian Naira lost N1 against the United States Dollar at the black market to close at N465/$1 versus the previous day’s value of N464/$1.

However, it traded flat against the Pound Sterling at the same market segment at N596/£1 and lost N1 on the Euro to settle at N543/€1 compared to N542/€1 it traded at the midweek session.

At another market window, the Investors and Exporters (I&E), the Naira recorded no movement against the US Dollar as it remained static at N386/$1 it sold previously.

This came on the back of a renewed investors’ appetite for the greenback as they demanded for greenback worth $150.02 million, 536.8 per cent or $126.46 million higher than the $23.56 million requested on Wednesday.

Also, the value of the Naira at both the Bureaux De Change (BDC) and interbank segments of the FX market was flat on Thursday at N386/$1 and N379/$1 respectively.