Nigerian Bitcoin Traders Smile to The Bank as Crypto Assets Begin Recovery
- Nigerian bitcoin investors who bought the dip are posting massive gains in the last few days
- The price of bitcoin has leapt in the past few days to a 12-month high after a winter lasting through 2022
- Analysts have predicted that the current gains of bitcoin will last for sometime
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Bitcoin investors in Nigeria are posting enormous gains for the first time since the November slump as the cryptocurrency make a rebound in the last few days.
Available data show that since its November slump, bitcoin is steadily rising by at least $7,000m about N5 million in the P2P market.
Source: Getty Images
Nigerians are some of the biggest bitcoin traders in the world
On the afternoon of Saturday, January 21, 2023, bitcoin alongside top cryptos like Ethereum and Solana swelled to levels previously unseen since August 2022, giving the latest recovery a surprise.
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In the past few days, BTC has had an incredible overnight price increase since November when the slump began.
According to reports, bitcoin has risen to more than $23,200 in the last seven days.
Bitcoin adoption in Nigeria is about 35 per cent or 33 million Nigerians aged between 18 to 60 with ownership of bitcoin, according to Cryptoverse, a 3D virtual world built on the unreal.
Trends in bitcoin trading in the last seven days
Online searches of bitcoin in Nigeria in the past few months show that Nigerians are behind the US in the bitcoin trade from January to August 2022.
Analysts have predicted that the current price surge will last for more than a few weeks as more crypto trading trends point upward for the first time in four months.
The recent gains stand at 9 per cent, with about a 30 per cent increase over the last 30 days.
The price of the world’s largest cryptocurrency has plunged 65 per cent from its high of close to $70,000 in November 2021. It is recovering finally after a crypto winter which lasted for most of 2022.
"Crypto crash has cost us fortunes but we still have Hope", Nigerian traders lament
Recall that Legit.ng reported that the premier cryptocurrency, Bitcoin has lost 52 per cent of its value since the crypto crash began in March 2022.
Experts said the crash was partly due to the then rebounding US dollar and inflation which caused a lot of traders to embark on massive sell-offs, prompting many exchanges to halt withdrawals.
Many traders in Nigeria are counting their losses as the crash continues unabated and the market value of Bitcoin crashing even faster.
Source: Legit.ng
