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Cryptocurrency

3 Cryptos set to explode high

Many crypto experts anticipate that some cryptos would probably perform better than Bitcoin, Ethereum.

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4 cryptos gain over 400% in a month, far outperforming Bitcoin

The crypto-verse is currently enjoying a strong bullish rally as the flagship crypto experiences a high buying spree at unprecedented levels.

Still, many crypto experts anticipate that some cryptos would probably perform better than Bitcoin, Ethereum.

A highly revered trader in the crypto-verse known as Smart Contractor has revealed three (DeFi) assets that are gearing up for explosive gains

In a tweet to his over 111,100 followers, Smart Contractor spoke on the importance of lending and borrowing platform Aave as the crypto asset is on the verge of a strong move in its Bitcoin pairs.

“Aave is gagging to break out on both the USD and BTC pairs. Beautiful ascending triangle forming.”

READ: 3 Cryptos doubling returns for investors in 7 days

The next crypto on the trader’s radar is a smart contract platform that permits developers to digitize real-world assets: Avalanche (AVAX). According to him, the crypto asset is poised to gain over 50% from its current price of $27.

“Now, that’s a bullish candle on AVAX. Today engulfed 2 weeks of price action…. next resistance and $41 is inevitable in my opinion.”

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The 3rd crypto asset the respected crypto strategist recommended was the popular decentralized exchange SushiSwap (SUSHI), which he says is ready to bounce off after weeks of consolidation.

“Make of it what you will, but Sushi is one of the very few select DeFi alts > $1 billion market cap that doesn’t look like death. USD pair accumulating for 5 weeks just above prior to an all-time high. I think blow-off top breakout soon.”

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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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Business News

ABCON asks CBN to check impact of cryptocurrencies on diaspora remittances

The association also noted that the apex bank needs to address other issues driving the patronage of cryptocurrency exchanges for remittance transfers.

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ABCON disagrees with those calling for naira devaluation

The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to introduce measures that will neutralize the positive effects of cryptocurrencies as a channel for diaspora remittances.

This is to redirect diaspora remittances away from cryptocurrency exchanges to official channels and also protect such against potential disruptions.

This call was made by ABCON during its Quarterly Economic Review for the first quarter of 2021 where it commended the CBN for the N5/$ rebate scheme introduced to encourage diaspora Nigerians to use official channels to remit their funds.

However, the association noted that the apex bank needs to address other issues driving the patronage of cryptocurrency exchanges for remittance transfers.

What ABCON is saying in their statement

The association in its statement said, “It is noteworthy that public acceptability for cryptocurrency exchanges are rising which could be quite accountable for the wide drop in diaspora inflows to Nigeria. Insecurity in the country is giving it greater prominence as investors and citizens are finding Cryptocurrency a safe haven for their wealth in case of any eventuality.

In most Emerging Markets Bitcoin transfers surged last year, as the pandemic exposed the cheaper and more efficient digital remittance services. Migrants sending money across borders to their families prefer the minimal transaction costs of cryptocurrency exchanges against the exorbitant costs of traditional money transfer companies like Western Union.”

According to ABCON, “Cryptocurrency transactions are faster than the conventional transfers, which require passing through banks reliant SWIFT, the sluggish, half-century-old interbank messaging system that handles cross-border payments.

These exchanges override the political complications of official channels. The global reach of cryptocurrencies avoids the inflation risk inherent to official currencies, especially in politically unstable countries reliant on fickle foreign investors.

Thus, while we commend the efforts of CBN in introducing the package of Five Naira for One Dollar transfer, it can be seen from the analysis above that the challenges exceed just non-payment of foreign currency by the IMTCs and the exchange rate. Strategies that satisfy the most sensitive of these advantages of Cryptocurrency exchanges must be introduced to redirect flows to the official channel.”

ABCON also expressed concerns over the country’s huge unemployment rate, urging the government to apply radical approaches with the use of both conventional and unconventional economic and political tools to redress the trend.

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What you should know

  • It can be recalled that the apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
  • The Securities and Exchange Commission (SEC) had a few days ago, revealed that it is working with the CBN for a better understanding and regulation of cryptocurrencies in the country.

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Cryptocurrency

Dogecoin post weekly gains of over 450%, more valuable than Barclays and Credit Suisse

The listing of DOGE on Coinbase and other related institutional-focused exchanges could make DOGE’s value rise as high as $1.

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doge

In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.

Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.

The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.

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

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

Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.

READ: SEC ban on foreign stocks denies Nigerian investors of generational wealth

At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.

Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

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