BITCOIN IS RISING: Nigerians who bought the plunge are now swimming in cash

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Nigerian investors who bought Bitcoin during the November crisis are seeing huge gains in the online cryptocurrency market.

The data indicates that since its November lows, bitcoin has risen by at least $7,000 (p2p rate of 5 million naira).

On Saturday afternoon, Bitcoin along with major market leaders Ethereum and Solana, hit levels not seen since August 2022, giving another shock to the cryptocurrency market rally this week.

The bull fight, which lasted a few days, appears to be over, at least temporarily, as BTC experienced one of its most notable overnight price increases in recent memory. He took it from under $21,000 to over $23.2,000.

Nigerians’ adoption of Bitcoin and other digital assets as seen in KuCoin, a well-known crypto exchange, titled “Into the Cryptoverse shows that Nigeria stands among the world; 35% of its citizens, or 33, 4 million people between the ages of 18 and 60 owned or traded bitcoin or another cryptocurrency in the previous six months.

According to Google Trends, Nigeria saw the most bitcoin searches in the first months of 2021, the report adds.

Nigerians are only behind the United States in bitcoin trading volume from January to August last year, and at that time they were more likely to search for “Bitcoin” on Google than people from any other nation. This week’s Producer Price Index (PPI) data showed a bigger than expected fall, indicating that the US Federal Reserve’s monetary policy has curbed inflation and boosted investors. According to CME tool FedWatch, traders currently expect the Federal Open Market Committee (FOMC) to raise rates only 25 basis points (or 0.25 percentage points) at its February meeting, a slowdown from compared to the 50 basis point increases at the meeting. in December.

Will the rally last? It looks like the current rally will last longer than a few weeks, as a number of prominent Crypto trading trends are pointing upwards for the first time in many weeks.

Due to its effortless breakout of the $1,500 price level, Ethereum saw weekly gains of over 8%. Despite Wednesday’s decline which took place in anticipation of a major announcement from US federal prosecutors that many believe would target a key player in the industry, Bitcoin and Ethereum have performed well.

With Saturday’s unexpected surge, Bitcoin’s seven-day gains now stand at 9%, with a 30% increase over the past 30 days. The price of Bitcoin has fallen 65% from its all-time high of over $69,000 in November 2021, but recent advances indicate the cryptocurrency market is recovering after a tough 2022.

However, short sellers betting against the cryptocurrency market face significant difficulties and losses as in the past 24 hours 79,899 traders have been liquidated, totaling $369.95 million. . The largest single liquidation order, worth $4.53 million, was placed on Bitmex.

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