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Cryptocurrency

Crypto: Celo gains over 50% within a day, as Coinbase announces its listing

Celo’s price traded at about $4.40 with a 24-hour trading volume of $35 million.

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Crypto: Celo gains over 50% within a day, as Coinbase announces its listing

It is no longer news that in the crypto-verse, records get broken on a daily basis. Celo has recently become the fastest-growing crypto, gaining more than 50% in less than a day, as it will be listed on the world’s most valuable crypto exchange, in about four days’ time.

Celo’s price at the time this report was drafted, traded at about $4.40 with a 24-hour trading volume of $35 million. CELO price has been up 53.6% in the last 24 hours. It has a circulating supply of 0 coins and a max supply of 1 billion coins.

READ: Bitcoin Mining just got harder, as mining difficulty reaches an all-time high

Coinbase, leading American crypto exchange, recently announced that from Monday, August 31, it will begin accepting inbound transfers of CELO to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) the following day if liquidity conditions are met.

Once a sufficient supply of CELO is established on the platform, trading on Coinbase will include CELO-USD, CELO-BTC, CELO-EUR, and CELO-GBP. Order books will launch in four phases: transfer-only, post-only, limit-only and full trading.

READ: Power: Nigeria’s deal with Siemens – the birth of a new era?

What you need to know about Celo

Celo (CELO) is a cryptocurrency that acts as a utility and governance token for the Celo platform. Its platform is designed to make it easy for anyone with a smartphone to send, receive, and store stablecoins running on Celo (for example, the Celo Dollar) without needing a crypto wallet.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

CBN Governor calls Crypto illegal money

The CBN Governor, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.

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diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

The Governor of the Central Bank of Nigeria, Godwin Emefiele has recently defended the apex bank’s decision in excluding cryptocurrencies from Nigeria’s financial ecosystem.

Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime, Godwin Emefiele stated that the Crypto ban was in the best interest of Nigerians.

According to a report by an online media outlet, while addressing the Senate committee, Godwin Emefiele remarked,

“Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”

READ: CBN crypto ban and its ramifications for Nigerian banks

The head of the apex bank affirmed Nigeria’s central bank resolve in continuing its surveillance and deeper understanding of the crypto ecosystem, buttressing that its major objective remains to educate Africa’s largest economy on emerging financial risks and protect Nigeria’s financial system from the activities of money launderers, currency speculators, and foreign-based fraudsters.

Recall in a press release dated, the 7th of Feberuary 2021, the CBN had explained in detail the motives for its directive to Deposit Money Banks (DMBs) and other financial institutions to desist from transacting in and with entities dealing in cryptocurrencies.

READ: CBN claims no immunity for Emefiele as it fires back at NESG

“Due to the fact that cryptocurrencies are largely speculative, anonymous, and untraceable, they are increasingly being used for money laundering, terrorism financing, and other criminal activities. Small retail and unsophisticated investors also face a high probability of loss due to the high volatility of the investments in recent times.

“In light of these realities and analyses, the CBN has no comfort in cryptocurrencies at this time and will continue to do all within its regulatory powers to educate Nigerians to desist from their use and protect our financial system from the activities of fraudsters,” the CBN stated.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

What you should know: The CBN, some weeks ago issued a circular prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges.

bitcoin train
  • The CBN’s directive has since gotten very harsh reactions on social media with many condemning the policy as a deliberate attempt by the government to impoverish young Nigerians who have been able to create wealth for themselves through crypto trading.
  • Interestingly, Nigeria along with other countries ranked as the worst countries to start a career do not wholly accept or legally recognize cryptocurrency and other digital assets.

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Cryptocurrency

Unknown identity plans to sell $400 million worth of Bitcoin on Coinbase

An unknown entity transferred 8,000 BTC (399,897,857 USD) from an unknown wallet to Coinbase.

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Crypto millionaire carts away with $224 million worth of Bitcoin, Whales transfer Bitcoins at an alarming rate, BTC whale moves 10,250 BTC valued at $95,000,000

Recently, a growing number of powerful investors have been trying to cash out at the world’s most popular crypto market, as Bitcoin trades above the $50,000 price level.

What you must know: Data obtained from Whale Alert, a crypto analytic tracker, revealed that an unknown entity transferred 8,000 BTC (399,897,857 USD) from an unknown wallet to Coinbase, suggesting that the whale plans to sell such quantity on the world’s most valuable crypto exchange.

READ: Bitcoin miners are outrageously rich, earn $4 million per hour

However, it’s critical to note that the number of Bitcoin accumulation addresses (which have received at least two non-dust transfers and which have not spent funds) has been increasing since early 2018, thereby suggesting that it might be an isolated event.

READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune

At the time of writing this report, Bitcoin traded at $50,349.11 with a daily trading volume of $60 billion. Bitcoin is up 0.05% for the day.

Prevailing market conditions at the Bitcoin market reveal that large crypto investors and traders, typically known as Bitcoin whales, are moving large stacks of Bitcoins.

  • Just a matter of days after the world’s first flagship crypto ETF started trading, its holdings are at 8,288 BTC – 2,251 were added on the 22nd of February.
  • The ETF’s asset under management has crossed $500 million, currently sitting at $564 million.

READ: CBN Governor calls Crypto illegal money

Should you still buy?

Nairametrics advises against investing a large pool of capital into a volatile financial market like Bitcoin. Instead, an investor or trader can allocate smaller amounts periodically over time, or better still, seek the counsel of a certified financial advisor.

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