Crypto Market Value Exceeds $3tn For First Time Globally

For the first time, The world of cryptocurrency market is worth more than $3 trillion, as investors increasingly jump on board.

This was according to report calculated on Monday, The value has reached $3.007 trillion (2.6 trillion euros), said CoinGecko, which tracks prices of more than 10,000 cryptocurrencies.

“The crypto market is growing at a mind-blowing speed,” noted SwissQuote analyst Ipek Ozkardeskaya.

Cryptocurrency
Photo: Wikipedia

“A part of it is speculation of course, but a part of it is real,” she told AFP.

“Crypto is now making its way to traditional finance and everyone is on board.”

Punch reports that Bitcoin, the world’s biggest cryptocurrency, hit a record-high $66,000 last month after taking another step towards mainstream status.

Ethereum, the second biggest cryptocurrency by market value, recorded about $4,768 on yesterday

Most of the investors sees cryptocurrencies as a hedge against inflation, which is surging worldwide as economies reopen after covid-19 pandemic lockdowns.

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“Bitcoin is bouncing higher again, close to all-time highs,” Hargreaves Lansdown market analyst Susannah Streeter stated Monday.

“The recent surge in the crypto… partly seems to have been caused by investors piling in, seeing it as a hedge against inflation,” Streeter added.

Not more than 21 million bitcoin can be created, helping its price to trade way above its rivals.

Crypto Currency: Heist Hacker Refunds $260m

Meanwhile, About half of a stolen sum of $600m (£433m) has been returned by the mastermind behind it.

The hacker, records one of the largest cryptocurrency heists in history.

BBC reports that the victim firm, Poly Network wrote a letter on Twitter on Tuesday ,inviting the individual to get in touch “to work out a solution”.

Thereafter, the hacker posted messages promising to pay back funds, alleging to be “not very interested in money”.

Poly Network on Wednesday, announced it had received $260m back.

TodayPost learnt that the company, a blockchain platform which allows users swap different types of digital tokens, posted on Twitter that it had been sent back three cryptocurrencies, including $3.3m worth of Ethereum, $256m worth of Binance Smart Chain (BSC) and $1m worth of Polygon.

An aggregate of $269m in Ethereum tokens and $84m in Polygon tokens has yet to be reclaimed.

Abdullahi Abubakar

Abdullahi Abubakar is a graduate of the University of Maiduguri.He is a teacher and passionate about Journalism and writing in general. He works with Today Post as a senior Editor and is currently living in Gombe.

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