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Cryptocurrency

Crypto investors lose $530 million within a day

The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in a single day.

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94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam

These are surely bad times for many crypto investors on the account that roughly $530 million worth of Crypto positions disappeared into thin air within a day.

The mass liquidation of such trading positions, according to data retrieved from Bybt.com, showed such occurred before the flagship crypto dipped around $34,000 today.

READ: Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon

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What this means

Over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.

  • However high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.
  • The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.

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

What they are saying

A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.

  • “People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market.”

READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain

READ: Everything you need to know about Crypto Trading

At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.

bitcoin train

Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.

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

Some days ago, leading the United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;

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“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.
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.”

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. He is a Member of the Chartered Financial Analyst Society.

2 Comments

2 Comments

  1. Lanre Adesanya

    January 17, 2021 at 9:46 pm

    This is a zero-sum game;investors are on both sides of trading- what some lose is gained by others. I think it will be more appropriate to balance the story noting the other side of the trade.

  2. Enlightner

    January 18, 2021 at 6:31 am

    It is no longer a new thing that both Bitcoin and Ethereum is still making alot of people ” stupid rich” 10$ (ten) dollars seven years ago is now worth $7.5 million Bitcoins today. And $100 (hundred dollars) in ethereum has increased to as high as $66,290 in under 2 years! The trend is on a daily worldwide , investors in crypto and digital currencies are getting rich daily. I personally have invested in bitcoin and Ethereum and I have collected bigger gains investing these coin than anything else in my life. for example I bought bitcoin twice, last year and early this year , 10 coin $83.40. And 20 more at $128. today my 20 coins trade nearly than 24 times higher. And I also bought Etherium last November at $9.70 before it rocket to $355! I was up over 3,500%. But here is the thing nobody is talking about, bitcoin and ethereum aren’t the real success stories anymore, it is the smaller and unpopular digital currencies that are rewarding investors with the next round of huge wins. for example, I recently obtained 27,000 coins in a tiny digital currency just 80.5 cents per coin. does coins now trade around $4, each 1,981% higher and I invested in another one that jumped from one point $1.50 to $10.71 . Yet this opportunity is just getting started, today I will show you New digital currency that can turn as little as $10 into over $1million in the blink of an eye, yes that’s right . A single crispy of $10 can make you a millionaire. Now for the doubters, not only is it possible, it actually happening right now, a considerable number of investors worldwide have seen have seen gain of 75,063% in cryptonite, 59, 577% in influxcoin , 60,450% in Max coin and even 823,750% in Dubaicoin . Bitcoin is offering profit bigger than your expectation and much quickly. I have personally made 600% in Bitcoin. I will stop here so that I don’t bore you guys but it is sure worth your time. In case you’re interested in investing in bitcoin,feel free to message me +1 (812) 567-5121. I can help you earn 5 BTC in 2 weeks. Take advantage of opportunity.

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Cryptocurrency

Why Bitcoin could be worth $1,000,000

Leader of Europe’s biggest crypto exchange revealed the price of the flagship crypto could hit the $1,000,000 million mark.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

Jesse Powell, the leader of Kraken, Europe’s biggest crypto exchange said Bitcoin could be priceless and the world will soon give up pricing the world’s most popular crypto asset in U.S dollar terms.

Speaking to Bloomberg, he revealed the price of the flagship crypto could hit the $1,000,000 million mark within a decade.

He said, “The people that are believers in Bitcoin see… it’s going to replace all of the world’s currency so that basically means whatever the market cap of the dollar is, the euro — all of that combined is what Bitcoin could be worth,” Powell continued.

“I think in the near term, people see it surpassing gold as a store of value, so I think $1 million as a price target within the next ten years is pretty reasonable.”

The top European crypto leader was obviously bullish on the flagship crypto-asset;

“Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity,” he told Bloomberg TV about future price trajectory.

“This national currency’s only fifty years old, it’s already showing extreme signs of weakness, and pretty soon I think people are going to start measuring the price of things in Bitcoin,” he noted.

In addition, a crypto strategist  William Clemente said, “Looking at Reserve Risk, this Bitcoin Bullish Run is still in its Early-Mid stages.”

Recall some months back, Raoul Pal, the founding partner and CEO of Global Macro Investor who has more than 50% of his capital in the flagship crypto, predicted a wave of institutional funds that could likely push Bitcoin to $1,000,000 in the next 5 years.

In an interview with Stansberry Research, as seen on Youtube, the former hedge fund manager revealed the global economy was moving from the “hope phase” to the “insolvency phase” as global investors realize that the economy is going to take much longer recovering from COVID-19 pandemic than anticipated.

He said, “There’s no stimulus around, and we’ve got more problems to come to Europe, the US, and elsewhere, and businesses don’t have enough cash flow. They’re closing in droves and that’s what I call the ‘Insolvency Phase’…

bitcoin train

“Yeah, I think [$1 million is] about right. Just from what I know from all of the institutions and all of the people I speak to, there is an enormous wall of money coming into this. It’s an enormous wall of money. Just the pipes aren’t there to allow people to do it yet, and that’s coming, but it’s on everybody’s radar screen and there’s a lot of smart people working on it.”

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Cryptocurrency

Why buying Bitcoin in Nigeria is not cheap

It appears to have become much difficult for Africa’s most important crypto market to get Bitcoin at a fair value.

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It’s no longer news that the recent CBN reminder restricting Nigerian financial institutions from Bitcoin and other Crypto assets have started to spur negative effect in the crypto industry when considering the cost of buying the world’s most popular cryptocurrency at Africa’s largest crypto market.

A recent study by Nairametrics revealed the flagship crypto asset, Bitcoin traded as high as 46% premium on some P2P exchanges and untraditional channels when compared to the use of Nigerian bank debit cards before the Crypto ban took effect, meaning the price of a bitcoin on such platforms was much expensive than its average price on other Crypto exchanges of around $49,000 at the time.

Crypto experts are of the bias that although the Central Bank’s recent directive does not criminalize ownership of Bitcoin, the circular will however make it difficult for them to process debit, credit card, and bank transfer transactions.

READ: Bitcoin joins the trillion-dollar club with Apple, Saudi Aramco and Google

This is already increasing the complexity of a significant number of Nigerians that often use their local currencies in buying crypto assets. Many Crypto exchanges interviewed by Nairametrics spoke on the challenges many of its Nigerian users face buying Bitcoin at a fair value on the account that Nigerian leading financial payment providers such as Paystack, Flutterwave have arbitrarily cut ties with Crypto exchanges.

Adding more woes to young Nigerians adamant about buying the flagship crypto asset is the prevailing dollar scarcity in Africa’s leading economy which had often led many to buy the dollar at the black market rate of as high as N500, knowing fully well that all Crypto assets value are denominated in U.S dollar.

Adding credence to this, Rume Ophi a.k.a. Cryptopreacher, and Nigerian Crypto Educationist said;

“Nigeria’s bitcoin price isn’t consistent because it is pegged to the dollar (Usdt), which is a bit different from the parallel market, the one we call the black market or abokifx.”

READ: Nigeria’s cryptocurrency ban: A legal analysis

He added weight to the exchange rate disparity on some Crypto exchanges and other channels Nigerians have been left with

“At the time of writing, Paxful an online peer 2 peer platform pegged 1 USDT to 475. This means you need 475 naira to get 0.0000004sat (the smallest unit of bitcoin is called sat). Whereas a black market vendor is also known as OTC will sell for 480/$,” Ophi said.

The effect of the CBN crypto ban is already breeding bad actors that are currently taking advantage of the high thirst for Bitcoin as Luno a leading African-based Crypto exchange in an email sent to Nairametrics sheds 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.

bitcoin train

“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.

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“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.”

READ: Most powerful financial leader takes side with CBN, says Bitcoin is untrustworthy

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What you should know

  • Recall, the Central Bank of Nigeria had recently notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.
  • In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
  • Nigerian Apex bank further warned Nigerian financial stakeholders that any breach of this directive will attract serious regulatory sanctions.

READ: Why Crypto black market is thriving in Nigeria

Luno also spoke on the effect the CBN crypto ban will have on Nigerians in the long term, stating,

Any attempt to restrict access to cryptocurrency does not protect Nigerians. It holds them back and leaves them vulnerable. It prevents honest Nigerians from taking advantage of all that cryptocurrency has to offer them.”

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Bottom line: The rate of purchasing the most widely used Crypto asset in Nigeria is currently trading at a premium amid the Central Bank’s directive, suggesting it is getting much harder for Africa’s most important crypto market in getting Bitcoin at a fair value.

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