Nigerian investors who bought Bitcoin during the November slump are reaping massive profits in the online cryptocurrency market.
According to data, bitcoin has increased by at least $7,000 since its November lows (p2p rate N5 million naira).
Bitcoin, along with major market leaders Ethereum and Solana, surged to levels not seen since August 2022 on Saturday afternoon, adding to this week’s cryptocurrency market recovery.
The bulls’ brief struggle appears to be over, at least temporarily, as BTC experienced one of its most remarkable overnight price increases in recent memory. It went from less than $21,000 to more than $23.2K.
According to a report published by KuCoin, a well-known crypto exchange, titled “Into the Cryptoverse,” 35% of Nigerians, or 33.4 million people, aged 18 to 60, owned or traded bitcoin or another cryptocurrency in the previous six months.
According to Google Trends, Nigeria had the most bitcoin searches in the first few months of 2021, according to the report.
From January to August of last year, Nigerians trailed only the United States in Bitcoin trade volume, and at the time, they were more likely to google “Bitcoin” than people from any other country.
This week’s producer price index (PPI) data showed a larger-than-expected drop, indicating that the US Federal Reserve’s monetary hawkishness has been curbing inflation and boosting investors.
According to the CME FedWatch tool, traders currently predict that the Federal Open Market Committee (FOMC) will raise interest rates by only 25 basis points (or 0.25 percentage points) at its February meeting, a slowdown from the December meeting’s 50 basis point increases.
Will the rise continue?
The current rally appears to be lasting more than a few weeks, as a number of significant Crypto trading trends are pointing upward for the first time in many weeks.
Ethereum has experienced weekly gains of more than 8% as a result of its effortless breach of the $1,500 price level.
Despite a Wednesday dip in anticipation of a significant announcement from US federal prosecutors targeting a key participant in the sector, Bitcoin and Ethereum have performed well.
Bitcoin’s seven-day gains are now at 9%, with a 30% increase over the last 30 days, thanks to Saturday’s unexpected increase. Bitcoin’s price has dropped by 65% from its all-time high of over $69K in November 2021, but recent gains suggest that the cryptocurrency market is on the mend following a difficult 2022.
Short sellers betting against the cryptocurrency market, on the other hand, are facing difficulties and significant losses because 79,899 traders were liquidated for a total of $369.95 million in the last 24 hours.
Bitmex received the largest single liquidation order, worth $4.53 million.
