Wealthy investors have been moving large stacks of Bitcoin at record levels, as the flagship crypto looks set to break above $50,000 price levels once again.

This is triggered by the relatively strong bullish momentum in the BTC market.

A large entity transferred 13,070 BTC ($642M) in block 673,321 wallet.

Whale alert! 🐋 Someone moved 4,349 BTC ($214M) in block 673,315 https://t.co/h8s6iy3oNK

— Bitcoin Block Bot (@BtcBlockBot) March 5, 2021

Top crypto strategist, Van de Poppe, recently spoke on key price levels that could weigh on the direction of the flagship crypto asset in the near term.

“I’m assuming that once we hold this $49,000 zone that we’ve just discussed I think we have to break through $52,000 to have continuation towards $56,000. But as this entire region ($44,900-$52,000) has become a range-bound construction I’m not assuming that we will.”

This is coming on the back of institutional investors increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.

Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.

Such data suggest that the Bitcoin market is transferring Bitcoin wealth from the impatient to the patient.

Data from Glassnode recently revealed that there was a 2% plunge in the number of flagship cryptos held on crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.

At press time, the flagship crypto asset was trading at $49,126.38 on the FTX exchange, with a daily trading volume of $47.2 billion. Bitcoin is up 0.89% for the day.

Though it’s often hard to anticipate market movements, such entities have historically shown that they often determine Bitcoin’s trend.

Africa’s largest economy, in spite of the recent crypto ban reminder issued by Nigeria’s Apex bank, has posted a surge in monthly P2P volumes to about $31 million on two major P2P exchanges that include Paxful and Local Bitcoins.

According to a new study seen by Nairametrics, Africa’s biggest crypto market has seen about a 15% surge of activity in peer-to-peer transactions since the Central Bank of Nigeria issued a circular reminding financial institutions in Nigeria about the prohibition in crypto-related transactions.

As bitcoin’s usage has been rising steadily in emerged markets, recent data suggest Nigerians are not giving up on the world’s most popular cryptocurrency, so it becomes unsurprising that transactional volumes printing out from Nigeria combine other African nations in relation to bitcoin P2P.

Data seen from Usefultulips, a BTC analytic data provider, showed Africa’s leading oil producer-led Africa’s peer to peer transactions in the last 30 days, as it posted monthly P2P volumes of about $31 million, followed by the Kenyans and Ghana each posting about $12.1 million and $8.4 million respectively.

What you must know: In Bitcoin’s case, P2P is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer-to-peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.

However, the effect of the CBN crypto ban is already breeding bad actors currently taking advantage of the high thirst for Bitcoin. Luno, a leading African-based Crypto exchange, in an email sent to Nairametrics, shed more light on the cost bitcoin buyers in Nigeria must bear.

“Pushing people underground also makes it easier for scammers to exploit Nigerians, and we are already seeing Bitcoin trade at huge premiums in the country as a result of the ban.

“Other companies have made the choice to find workarounds that are less visible for regulators – for example, Peer-2-Peer (P2P) trading. Our view is that P2P trading would go against the spirit of the CBN’s directive.

“We believe that the focus should instead be on demonstrating to the CBN that exchanges such as Luno have the necessary controls in place to address the concerns it has in relation to cryptocurrencies.”

Bottom Line: A significant number of Nigerians are hell-bent on leveraging on Bitcoin to sustain and drive their earnings amid rising inflation and stringent access to FX liquidity in Africa’s biggest economy as it offers most of them the easiest and cheapest means of moving capital in relation to other traditional means of payments.