Bitcoin surges above $45,000 first time since April 2022

Bitcoin, a cryptocurrency platform, surged beyond $45,000 on Tuesday for the first time since April 2022.

With its highest year performance since 2020, Bitcoin gained 156 per cent last year and reached a 21-month high of $45,532.

However, the new high is still far from the record high of $69,000 it achieved in November 2021, even though it was up 2.5 per cent at $45,318 as of late.

After rising 91 per cent in 2023, ether, the token associated with the Ethereum blockchain network, was 1.45 per cent higher at $2,386 on Tuesday.

The development comes amid hope surrounding the potential licencing of exchange-traded spot bitcoin funds.

Meanwhile, the main concern among investors has been whether the U.S. securities regulator will soon authorise a spot bitcoin ETF, which would attract billions of dollars in investments and open up the bitcoin market to millions more people.

The Central Bank of Nigeria, CBN, in December 2023, changed its position on crypto assets in the country and asked banks to ignore its earlier ban on crypto transactions.