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Cryptocurrency
Nigeria leads Africa in Bitcoin P2P
Nigeria leads Africa peer to peer lending in 2020, posting monthly P2P volumes of around $25.8 million, followed by South Africa, Kenya.
Nigeria’s increased use of Bitcoin has become the norm in the crypto-verse, taking into account that in the past 8 months, it leads the whole of Africa combined, in the transactional value of P2P payments.
Still, what seems astonishing to many crypto experts is the amount Nigerians transact with Bitcoins P2P monthly, amid the prevailing recession biting hard on Africa’s biggest economy when compared to other African countries.
Data retrieved from Usefultulips, a BTC analytic data provider, reveals a significant amount of Nigerians use Bitcoin for peer to peer transactions for their payments.
READ: Top 5 peer-to-peer exchanges to buy Bitcoin
Recent statistics show Nigeria leads Africa peer to peer lending in 2020, posting monthly P2P volumes of between $25.8 million, followed by South Africa and Kenya respectively posting about $8.2 million and $7.7 million monthly.
What you must know: Bitcoin, peer to peer is the exchange of Bitcoin between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins between individuals and groups.
READ: Crypto robber sends out over $5 million worth of stolen Bitcoins
A spokesperson for Binance in Africa, Damilola Odufuwa in an exclusive interview with Nairametrics gave key insights on the role the world’s biggest crypto exchange, Binance is having on Africa, particularly, the Nigerian economy;
“Over the past year, over 40,000 Africans have received free crypto education via Binance education programs/events. Our last virtual masterclass had over 5000 attendees and thousands more watching on YouTube. A huge population of the attendees is definitely Nigerians who are looking to acquire skills they can use to make some extra money while underemployed at their “9-5” and also for the many who didn’t receive a salary from their employers or lost jobs over the year,” Odufuwa said.
READ: Nigeria leads Africa combined in Q2 2020 on BTC P2P
Odufuwa also spoke on the need for more Nigerians to acquire skills around the crypto value chain, taking into consideration that it is now the modern lifeline of finance and business operations globally.
“The crypto industry is still a growing industry, so educating oneself about crypto and applying the skills you already have to jobs in the crypto industry could help some of the unemployed,” she added.
Bottom line: A significant amount of young Nigerians are acquiring skills on Crypto to sustain and drive their income and livelihood, as it offers the safest, cheapest processes of moving capital in relation to other traditional means of payments.
Cryptocurrency
94% of Bitcoin investors are making money
Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.
Bitcoin investors have reasons to be excited amid a significant amount of volatility prevailing at the flagship crypto market.
The number of Bitcoin holders in profit is about 94% as data retrieved from Glassnode, a crypto analytic firm, showed.
Bitcoin Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%.
READ: Bitcoin posts biggest daily drop since market crash of March 2020
📉 #Bitcoin $BTC Percent Addresses in Profit (1w MA) just reached a 1-month low of 93.851%
View metric:https://t.co/ik5IkrurRk pic.twitter.com/jvhN6ur50r
— glassnode alerts (@glassnodealerts) January 22, 2021
READ: Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin
Metric description; The percentage of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.
At the time of drafting this report, Bitcoin traded at$32,640.90 with a daily trading volume of $63.8 billion. Bitcoin is up 5.03% for the day.
What this means: Sequel to such metric stated above, the turnaround for investors in profit occurred some hours ago when Bitcoin dropped to $28,950 — a key level when it comes to support from large pocket investors and only its second dip below $30,000 in 2021, as a leading bitcoin investor, Microstrategy bought 314 more Bitcoin valued at $10 million, momentarily pushing prices above $32,000.
READ: 4 cryptos gain over 400% in a month, far outperforming Bitcoin
Microstrategy just bought 314 more #Bitcoin for $10M.@michael_saylor bought the dip.
— Documenting Bitcoin 📄 (@DocumentBitcoin) January 22, 2021
READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune
Chainalysis researchers explained in detail that as the rush for BTCs keeps increasing, the price will most definitely be affected. The report said:
“With more people looking to trade BTCs, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity.”
Consequently, amid the impressive metric showing a lot of Bitcoin wallets in profits, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
Cryptocurrency
Bitcoin posts biggest daily drop since market crash of March 2020
Some crypto experts anticipate such losses are coming from widespread profit-taking by U.S. and European investors.
The flagship crypto, Bitcoin, suffered massive losses in the early hours of Friday, as almost all the gains recorded in 2021 vanished into thin air, thus posting its largest daily drop since the market crash of March 2020.
- Some crypto experts posit that such losses are coming from widespread profit-taking by U.S. and European investors, and that worries about extra regulation has driven the crypto asset toward a weekly loss of more than 25%.
- Top-rated crypto assets like Ethereum plunged by almost 16%, while Chainlink also recorded double-digit percentage losses.
READ: Finance leaders of G7 countries strongly support crypto regulation
Also weighing on prevailing market conditions seen across the crypto-verse, data retrieved from Glassnode, a crypto analytic firm, reveal bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC.
The previous 3-month low of 16,903,691.779 BTC was observed on 11 December, 2020
📉 #Bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC
Previous 3-month low of 16,903,691.779 BTC was observed on 11 December 2020
View metric:https://t.co/FzSS3snpDH pic.twitter.com/ODVjtiOvag
— glassnode alerts (@glassnodealerts) January 21, 2021
What this means: Consequently, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such rally this year.
The prevailing market condition at the crypto market led to heavy losses of global investors’ funds, when roughly $1.6 billion worth of crypto positions evaporated into thin air within a day.
The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed that such occurred before the flagship crypto dipped from $34,300 to around $29,700 at press time.
READ: Everything you need to know about Crypto Trading
For the day, about 192,005 crypto traders got liquidated.
The global crypto market value at press time was around $842.75B, a 16.40% decrease over the previous day.
- Total crypto market volume for the day stood at $169 billion, which makes a 12.17% increase.
- Total volume in DeFi is currently $14.53 billion, 8.61% of the total crypto market 24-hour volume.
- The volume of all stable coins is now $140.71B, which is 83.36% of the total crypto market 24-hour volume.
- The flagship crypto traded at $29,196.15.
- Bitcoin’s dominance is currently 64.77%, an increase of 0.16% over the day
READ: Stellar defying gravity, gains 103%
What this means: Record sell-offs have pushed Bitcoin’s year-to-date gains below 1%. The record sell-off in the crypto market is likely due to widespread profit-taking by U.S. and European investors.
Some days ago, the leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.
READ: Crypto traders suffer heavy losses of $639 million within a day
The statement highlighted the risks associated with investing in Bitcoin and other crypto assets, and warned the public that there were high chances that all their funds could be lost.
“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
READ: Litecoin displaces XRP as 4th most valuable crypto
“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”
Adamu
December 3, 2020 at 12:12 pm
Hi I want join
Joserh Stalin
December 12, 2020 at 6:44 pm
it’s not a good idea to invest in bitcoin. I invest in decentralized currencies like Сrypton from the utopia ecosystem