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Cryptocurrency

Crypto market breaks past $1 trillion for the 1st time in history

The Crypto market struck a lifetime high after gaining five times in market value since 2020.

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Bitcoin drop $1,400 in value, U.S dollar surge breaks Crypto market

The total market value of the crypto market just smashed past $1 trillion for the first time ever, amid the strong bullish and volatile rally in Bitcoin and other leading Crypto-assets like Ethereum. Stellar, Chainlink, and Cardano.

The Crypto market struck a lifetime high after gaining five times in market value since 2020 as data retrieved from Coingecko shows.

READ: Breaking: Bitcoin is moving at speed of sound, within striking distance of $40,000

READ: Finance leaders of G7 countries strongly support crypto regulation

What this means: Crypto analysts have hinted at the incredible demand sighted from crypto traders, trend-following hedge funds, and lately the powerful institutional investors as among the reasons for such record gains.

  • Crypto assets are flying on stealth mode as the world becomes awash with record stimulus deals triggered by global central banks, using such programs in supporting the global economy.
  • This incredible feat in the crypto market shows global investors and traders are rushing into digital coins, and hedging against inflation-prone assets like currencies.
  • Bitcoin is up 10% for the day as it broke past $37,000 and has more than quadrupled since 2020. It accounts for about 68% of cryptocurrency market value, followed by Ether with about 14%. Ether is up by about 65% in 2021 alone.

READ: Bitcoin, Cardano, Polkadot, Ethereum suffer heavy losses over proposed regulations

The past couple of months were all about bitcoin and large-cap assets like Ethereum, Ripple, and Tether attracting more investors. But the narrative has quickly switched as DeFi tokens and other altcoins are riding on the crypto bullish trend.

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The world’s biggest crypto exchange by trading volume, Binance, spoke on this record feat sighted at the world’s most celebrated financial asset class.

READ: Cardano flying to space, up 89% in 7 days

Binance tweeted;

“The total #crypto market cap has reached over 1 Trillion USD for the first time ever!

A trillion is 1,000,000,000,000, or one million million.

Stanbic 728 x 90

It’s such a large number it’s hard to get your head around it, so sometimes “trillion” just means “wow, a lot.”

READ: 78% of Bitcoins in circulation not for sale

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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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Cryptocurrency

Nigerians increasingly using Bitcoin since CBN’s Crypto ban

A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset.

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Nobody is going to ban Bitcoin - US Bank regulator

It’s been roughly three months since the Central bank restricted Nigeria’s financial institutions from dealing with anything crypto-related, yet recent data suggests its citizens have increasingly found other alternatives to access the world’s flagship crypto.

Data retrieved from Usefultulips (a Bitcoin analytic data provider) shows that the usage of Bitcoin’s peer to peer trading in Nigeria surged by 27% since the CBN directive took effect about 85 days ago, as Nigerians moved about $103 million worth of Bitcoins on just Paxful and LocalBitcoins channels alone.

Bitcoin recorded gains and its suitability in hedging against inflation, coupled with access to other crypto assets that offer more viable options, seem not to have weakened despite the recent N5/$ rebate scheme introduced by the Central Bank of Nigeria to encourage Nigerians in the diaspora to use official channels to remit their funds instead of doing so through Cryptocurrencies.

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

The world’s most popular crypto has rallied by almost 500% since its latest bull run began at the start of Q4 2020, hitting record highs of almost $65,000 this month before pulling back to $55,000 at the time of drafting this report amid strong institutional purchases sighted in emerged markets.

Some market analysts argue that Nigeria’s apex bank’s hold on the country’s financial system has further complicated transactional processes in Africa’s largest economy because Bitcoin still relies heavily on fiat currencies despite being virtual, from pricing its value to how its ownership is being ascertained. In spite of this, the growing interest in Bitcoin has not weakened.

Adding credence to Nigeria’s grip on Bitcoin includes data collated from Google trends, printing that Africa’s largest crypto market, emerged as the first amongst other countries by a long-distance over its interest in Bitcoin with a perfect score of 100%.

READ: Nigerian banks allegedly close accounts dealing with Crypto

Nigeria’s relatively young educated population coupled with its growing internet adoption and smartphone penetration has facilitated Bitcoin to thrive exponentially amid rising inflation that has eroded the savings of many Nigerians.

The borderless feature of Bitcoin also makes payment effortless for Nigerians in addition to offering outrageously low transaction fees.

READ: Why Bitcoin could triple in value annually

To give context, many Nigerian banks charge 1–2.5%. For a $1 million offshore transfer, bank charges may go up to $10,000, but with the flagship crypto, transfer of such amount would not exceed $300, even at peak periods.

Stanbic 728 x 90

Consequently, a significant number of Nigerians already pay a premium for accessing the crypto market, as data from Binance, the world’s largest crypto exchange by volume, at the time of writing, posted a rate of N607 to 1 USDT with Nigerian banking channels close to the global crypto ecosystem.

Bottom line

A growing number of Nigerians are not giving up on the crypto that has outperformed any Nigerian-based financial asset. They are thus ready to pay a premium to hold on to Crypto irrespective of the Central Bank’s ban.

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Business News

Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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