Bitcoin Reaches $45K Mark as 2024 Kicks Off

Bitcoin enthusiasts cheered as BTC soared past the $45,000 mark, achieving this milestone multiple times during the first week of the year.

An optimistic outlook on the potential approval of Bitcoin spot ETFs and the upcoming April halving drove this upward momentum.

Bitcoin was last above the $45,000 mark in April 2022, according to market data.

The price rise has instilled confidence among investors and analysts, triggering discussions about the potential direction of Bitcoin in the upcoming months.

Bitcoin ETF Awaits SEC Ruling This Week

The long-awaited decision regarding Bitcoin exchange-traded funds (ETFs) has captured the attention of the crypto community. Currently, 13 spot BTC ETF applications await SEC review with approvals expected starting this month.

Hopeful applicants and investors are eagerly anticipating this week’s announcement from the U.S. Securities and Exchange Commission (SEC).

The green light for a spot Bitcoin ETF would signify a pivotal milestone in legitimizing Bitcoin as a mainstream institutional-grade investment, cementing its credibility and permanence in the financial landscape.  

Mercari, Japan's E-commerce Giant, Ventures into Bitcoin Payments

Mercari, a prominent Japanese e-commerce platform with over 22 million monthly active users, has announced plans to embrace Bitcoin payments.

This strategic decision could revolutionize online retail in Japan, offering customers the flexibility to make purchases using Bitcoin. 

Payments in Bitcoin are set to be hosted by the company’s Tokyo-based blockchain subsidiary, Mercoin. While prices on Mercari would remain displayed in Japanese yen, users of the app would be able to make payments with Bitcoin.

Bank of Spain Forges Ahead with CBDC Testing Partnership

The Bank of Spain has taken a proactive step in the exploration of Central Bank Digital Currencies (CBDCs). 

Spain’s central bank, Banco de España, has chosen its collaborators a year after publishing an open call for partners to participate in central bank digital currency (CBDC) tests.

The pilot of the wholesale CBDC will take place in the next six months and will feature the simulation of the processing and settlement of interbank payments with a single tokenized wholesale CBDC and by exchanging several wholesale CBDCs issued by different central banks.

Nigeria Central Bank Approves Launch of cNGN Stablecoin in February

Nigeria's central bank has approved the imminent launch of the cNGN, a stablecoin pegged to the Nigerian Naira. 

The cNGN serves as a complement, not a substitute, for the eNaira, which is the central bank digital currency (CBDC) issued by the CBN. 

The stablecoin is currently interoperable with strategic blockchains like Bantu and BNB Smart Chain, with plans to extend compatibility to all major blockchain networks soon.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!