Bitcoin Hits All-Time High Against Euro; Coinbase Introduces Smart Contracts; Binance Drops Nigerian Naira
Summary:
Bitcoin has achieved an all-time high against the euro, with the Mexican peso as its next target. Coinbase now offers integrated smart contracts for developers to ease the process of building Web3 applications. Meanwhile, concerns among Nigerian crypto traders are growing after Binance removed the Nigerian naira from its peer-to-peer service.
The digital currency Bitcoin (BTC) has surpassed its previous record, hitting a fresh high against the euro at 60,000 euros per coin, and is now aiming to do the same against the Mexican peso. In other developments, Coinbase now offers integrative smart contracts for developers, an initiative aiming to overcome challenges in building Web3 applications. In contrast, there are rising concerns among Nigerian crypto traders after the popular trading platform, Binance, decided to exclude the Nigerian naira from its peer-to-peer (P2P) service.
Bitcoin has achieved a new milestone against the euro as its value escalated to an all-time high of $65,000. TradingView data indicates that Bitcoin peaked at 60,393 euros at 8:30 am UTC, marking approximately a 5% gain from its earlier intraday low of 57,521 EUR. As of now, Bitcoin is priced at 59,981 euros, demonstrating an impressive 56% surge year to date.
Sam Wouters, the Marketing Head at River Intelligence, stated that the Mexican peso is a tough target for Bitcoin to conquer. Data from Xe.com shows that Bitcoin is currently trading at 1.1 million pesos, 24% below its record high of around 1.4 million pesos set in November 2021.
As part of its more extensive wallet-as-a-service products, crypto trade platform Coinbase has rolled out embedded smart wallets for developers. This will enable smoother integration with Ethereum Virtual Machine (EVM) applications.
Coinbase's newly unveiled smart wallet solutions let users carry their crypto balances across diverse EVM-compatible applications linked with the Coinbase Wallet SDK. The embedded wallet feature enables developers to include noncustodial white-labeled wallets within their applications.
Senior Engineering Manager at Coinbase Embedded Wallets, Yuga Cohler, spoke to Cointelegraph about the company's continuous efforts to enhance their product experience based on customer feedback over the past year, which culminated in the launch of the Embedded Wallets.
However, the news is not all positive in the crypto world, as the Binance crypto trading platform has delisted the Nigerian naira from its P2P service. The Nigerian government had alleged that Binance's platform was a factor in depreciating the currency.
Presidential adviser Bayo Onanuga warned of the potential damage Binance could inflict on the Nigerian economy due to its indiscriminate determination of foreign exchange rates. Notably, the P2P feature soared in popularity in Nigeria in 2021 after the government imposed a prohibition on the booming crypto industry during the tenure of former President Muhammadu Buhari.
This news report doesn't offer investment advice or suggestions. Every investment or trading action carries a certain level of risk, hence readers should conduct thorough research before making any financial decision.
This report includes additional inputs from Geraint Price, Sam Bourgi, and Felix Ng.
Published At
3/4/2024 4:00:26 PM
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