Bitcoin traded at $69,191, surpassing its previous record of $68,991, reported in November 2021.

However, shortly after the price surge to the record high, the cryptocurrency declined to $64,941.37 as of the time of filing this report.

The cryptocurrency has been on a bullish run, recording a 14.63 percent rise in the last seven days, and a significant surge of over 191.03 percent in the last year.

Similarly, some major altcoins are rising steadily in the last 24 hours, with Ethereum climbing 3.17 percent to $3,673.12, while Solana rose by 5.46 percent to $134.94.

The crypto market capitalisation has increased by 54.10 percent to $222.06 billion within a day.

According to reports, the record is buoyed by the largest cryptocurrency becoming more accessible for trade as supplies tighten.

Meanwhile, the development comes amid the federal government’s clampdown on the crypto exchange over regulatory contraventions in Nigeria.

Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, on February 21, 2024, said Binance and other cryptocurrency platforms should be banned from operating in the country.

Also on February 27, 2024, Olayemi Cardoso, governor of the CBN, said $26 billion passed through Binance Nigeria from unidentified sources in one year.

Cardoso said the apex bank is collaborating with the Securities and Exchange Commission (SEC) to ensure there is no manipulation in the FX market.

On March 1, 2024, the federal government reportedly demanded at least $10 billion as a settlement from Binance for profiting from “its illegal transactions” in Nigeria — days after two top executives of the crypto platform were detained.

Following the restraint on its operations in the country, on Tuesday, Binance Nigeria announced plans to cease all naira transactions, from March 8, 2024.

[TheCable]