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Cryptocurrency

Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy

At the time of writing this report, Bitcoin comfortably outmatched Nigeria’s GDP with a market value of $468 billion.

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Why buying Bitcoin now is not a bad idea, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly

The price of the world’s most popular cryptocurrency recently surpassed $25,000, reaching a new milestone of $25,199.50 on FTX exchange and surpassing the Gross Domestic Product of any country in Africa.

What this means

Africa’s largest economy, Nigeria has a GDP, valued at $448.1 billion. At the time of writing this report, Bitcoin comfortably outmatched Nigeria’s GDP with a market value of $468 billion.

READ: Bitcoin is boxing up to $25,000

It’s important to note it also outsizes many leading African economies including, South Africa – $351.4billion, Egypt – $303.2billion, Algeria – $169.98billion, Morocco – $118.7 billion, Ethiopia – $96.12 billion, Kenya – $95.5 billion, Angola – $94.6 billion, Ghana – $66.9 billion, Tanzania – $63.2 billion.

READ: Top U.S stocks making investors very rich

READ: Slack gains 22% on Salesforce buyout offer

What you must know

  • At the time of writing this report, Bitcoin traded at $25,178.11 with a daily trading volume of $43,045,202,470 USD. Bitcoin is up 3.18% for the day. Bitcoin’s current market value stands at $467.8billion.
  • The flagship crypto is on its record high amid strong purchases seen in institutional and accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.
  • Still, in the short term global investors, crypto experts anticipate that Bitcoin’s trajectory remains optimistic.

READ: Bitcoin whale moves 11,999 BTC worth $281 million

Crypto experts from Intotheblock identified $23,069 and $23,377 as the key support levels for BTC in the near future. They wrote:

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  • “Bitcoin has been able to sustain above $23,000. The IOMAP indicator supports that premise as is showing a strong level of support at the range between $23,069 and $23,377.1, where almost 900 thousand addresses previously acquired 796 thousand $BTC.”

READ: 50% of top 500 companies will hold Bitcoin by 2021

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READ: Nigeria’s private sector credit to GDP jumps to 13%

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

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    Business

    Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

    The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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    The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

    This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

    “The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

    “We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

    It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

    The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

    “The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

    In case you missed it 

    Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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    Cryptocurrency

    Dogecoin up 168%, more valuable than Polkadot, Cardano

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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    Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

    The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

    Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

    READ: Bitcoin miners are consistently earning $50 million daily

    Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

    Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

    A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

    READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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