Nigerians Run to Bitcoin Amid Plummeting Naira, BTC Returns to $24,000

Updated:

Nigerians have turned to Bitcoin (BTC) and Stablecoins after the nation’s currency, Naira, tumbled against the dollar. Citizens of the most populous African nation sought refuge in Bitcoin as the currency went into freefall against the US dollar.

Peer-to-peer exchange LocalBitcoins reported a 258% spike in Bitcoin purchases compared to last week’s data.

The Naira has joined the growing list of currencies currently going through a tumultuous experience due to the ongoing global economic crisis. The single currency has lost significant value against the dollar on the unofficial exchange rate, sparking worries among the citizens.

The panic got stoked last week after the Governor of the Central Bank of Nigeria, Godwin Emefiele, warned that individuals caught converting the local currency to dollar risk jail time if caught, revealing that the institution was closely monitoring the space.

The growing panic prompted many Nigerians to seek out reserve alternatives to protect their funds against inflation. Bitcoin was the most sought-after alternative followed by Stablecoins.

P2P trading platform Paxful recently asserted that citizens of Africa’s largest economy have acquired a significant appetite for crypto in the first half of 2022, explaining:

“Narrowing in on Nigeria, trade volume was over $760M last year, and Nigerian users have climbed over the two million mark. And despite the global financial crisis, Paxful is seeing that peer-to-peer and interest in bitcoin is not slowing down. In the first half of 2022, trade volume in Nigeria reached nearly $400M, showing us that the emerging markets are still hungry for Bitcoin.”

Key Bitcoin Levels to Watch — July 28

Bitcoin resumed an aggressive bullish recovery in the US session on Thursday after bottoming out at $20,725 on July 26. The bullish rebound comes after the benchmark cryptocurrency broke the July 20 descending trendline following an aggressive retest of the line yesterday.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

BTC now sits at the edge of $24,000 as bullish trading volume mounts. The primary cryptocurrency could see the $25,000 mark in the coming hours or days as it has the backing of a weaker dollar and a recession-riddled US economy.

Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $23,000, $22,000, and $21,000.

Total Market Capitalization: $1.10 trillion

Bitcoin Market Capitalization: $454.9 billion

Bitcoin Dominance: 41.4%

Market Rank: #1

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.