Nigeria ranks 1st in cryptocurrency usage and ownership globally —Report
Nairametrics » Cryptocurrency
by Samson Akintaro
3d ago
New research by Trading Browser has revealed that Nigeria has the largest number of users and owners of cryptocurrencies in the world. The study ranks countries based on the percentage of the population that reported that they used or owned cryptocurrency each year from 2019 to 2022. According to the report, Nigeria tops the list with 45% of the population using or owning cryptocurrency in 2022. The country boasts over 90 million people using cryptocurrency, which is almost 1.5 times the population of the United Kingdom. From 2019 to 2022, Nigeria saw a 17% total increase in ownership and use ..read more
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Crypto investors on rampage as Bitcoin breaks past $23.8K
Nairametrics » Cryptocurrency
by Olumide Adesina
3d ago
The rise in Bitcoin and other leading altcoins in January appears to be luring investors back to crypto ETFs. The amount invested in exchange-traded instruments that track cryptocurrencies increased to more than $210 million in January, the highest level since May. According to data from CryptoCompare, total assets under management increased 37% to $19.7 billion in January. More details on Bitcoin’s performance: The ProShares Bitcoin Strategy ETF (ticker BITO), which witnessed an influx of around $40 million, had its highest month since June. Meanwhile, the Canadian-listed 3iQ CoinShares ..read more
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Bitcoin posts its best January in ten years, gains 40% within one month
Nairametrics » Cryptocurrency
by Olumide Adesina
3d ago
Bitcoin has defied all odds and surged above predictions this month, making January 2023 its best month in a decade. Bitcoin was charged with a 40% boost, a recovery that is part of a broader trend of investors’ rising risk appetite. However, some investors are still sceptical about the durability of the Bitcoin price uptick, considering economic worries and cautions from some global market segments. Bitcoin buyers have maintained their position above the crucial $22.9K support level by consistently creating higher lows. This is a sign of the digital asset’s underlying strength, which has bee ..read more
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Why it’s a bad idea to bet against the Crypto market right now
Nairametrics » Cryptocurrency
by Olumide Adesina
3d ago
Bitcoin bulls have maintained the top spot for the last two days and is currently trading at a high of $23,000 after surpassing support at around $22,654. According to the Chief strategist of Matrixport, institutional investors are not giving up on crypto. Recent data suggests that as many as 85% of Bitcoin purchases were made by American institutional players. A report by Matrixport also showed that it is possible to determine whether institutional or retail investors prefer a certain digital asset based on whether it is performing well during American or Asian trading hours. Data revealed t ..read more
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Crypto bulls ride on again as Tesla keeps its Bitcoin stash
Nairametrics » Cryptocurrency
by Olumide Adesina
3d ago
Bulls are back riding positive macros as crypto markets turn green again. There was some pressure on the cryptocurrency market during trading on Wednesday. But no impetus developed until later in the day when prices began to rise and Bitcoin bulls set their sights on breaking through the $23K barrier, as Tesla’s earnings report revealed no Bitcoin sales. Tesla, owned by Elon Musk, disclosed in its Q4 2022 financial report that it did not engage in any Bitcoin transactions. With an average purchase price of $32,099 per Bitcoin, Tesla currently controls about 9,720 BTC after taking a $34 millio ..read more
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A big Ethereum whale buys $228 million worth of Shiba Inu, as meme coin gains 50% in January
Nairametrics » Cryptocurrency
by Olumide Adesina
1w ago
The most massive Ethereum whales are actively stockpiling Shiba Inu, a dogecoin rival. The enormous Ethereum whale has collected over $228 million in SHIB and is currently holding more than 18 trillion tokens, according to blockchain tracking firm WhaleStats. By eliminating the ETH portion, the whale, whose identity is still unknown, has given SHIB 75% of his total portfolio as of this writing. More details: The meme coin has a strong start to the year and is presently trading at $0.00001209, up roughly 50% year to date. As the ecosystem prepares for the introduction of Shibarium, the propose ..read more
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BITCOIN IS RISING: Nigerians who bought the dip are now swimming in money
Nairametrics » Cryptocurrency
by Olumide Adesina
2w ago
Nigerian investors who purchased Bitcoin during the November slump are posting enormous gains in the online cryptocurrency market. Data indicates that since its November lows, bitcoin has increased by at least $7,000 (p2p rate N5 million naira).  On Saturday afternoon, Bitcoin along with major market leaders Ethereum and Solana, surged to levels not seen since August 2022, giving this week’s cryptocurrency market recovery another shock.  The bulls’ struggle, which lasted for a few days, appears to be over, at least temporarily, as BTC had one of its most remarkable overnight price i ..read more
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Key charts that show why Nigeria is Africa’s most important Crypto market
Nairametrics » Cryptocurrency
by Olumide Adesina
2w ago
Digital use is quickly taking over daily life, especially in nations with a history of financial instability or where there are significant impediments to accessing traditional financial goods like bank accounts.  A prime example is Nigeria, the most populated nation in Africa. Its impatient, young populace has to deal with money controls, rising unemployment, and the whims of the black market in currency transactions every day.   Some insights: Nigeria has one of the greatest youth populations in the world, with a median age of 18 and a population that is primarily between the ..read more
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Bitcoin rallies above $21,000, becomes more valuable than Meta, MasterCard
Nairametrics » Cryptocurrency
by Ajibola Akamo
2w ago
Bitcoin started the New Year on a bullish note, having gained over 25% in the past two weeks of 2023 to trade above $21, 000. And with market capitalization now over $400 billion, Bitcoin is now more valuable than the likes of MasterCard and Meta, respectively. The largest cryptocurrency by market capitalization has held steady above $21,000, a level it has not traded since November of 2022.  A dramatic rise: Not too long ago, Bitcoin was trading below $17,000 before a rush of favourable economic data, including a decline in the U.S Consumer Price Index (CPI) which ultimately catapu ..read more
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Short sellers lose over $600 million in less than one week betting against Crypto market rise
Nairametrics » Cryptocurrency
by Olumide Adesina
2w ago
Traders who betted against cryptocurrency prices are now licking their wounds after Bitcoin and other cryptos rallied against all odds. Data shows that many short sellers have been slapped with liquidations totalling more than $600 million since January 13.  Following the US’ soft CPI print, crypto assets fared nicely, indicating that the correlation between digital assets and bullish sentiments might not change soon. Good times for Bitcoin: Fundamentals demonstrate that this week’s price action was encouraging, and there is a good possibility that the absolute bottom has been reach ..read more
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