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Nigeria’s Central Bank lifted the crypto ban, boosting Bitcoin’s bullish outlook. Nigeria’s Central Bank (CBN) has recently removed constraints for banks handling cryptocurrency transactions., signaling a bullish trend for Bitcoin (BTC). This move is expected to fuel heightened competition rising within Nigeria’s crypto-fiat exchanges and peer-to-peer (P2P) markets.
CRYPTO BREAKING NEWS
— InnovatekMobile (@Neome_com) December 24, 2023
Nigeria Central Bank Lifts Restrictions on Cryptocurrency Transactions. Nigeria’s CBN removes banking restrictions on crypto transactions. Move expected to intensify competition among investors and exchanges. Continue … check us out @… pic.twitter.com/LMXBzoqtnd
The initial ban aimed to eliminate Bitcoin and cryptocurrency use but instead spurred increased P2P transactions. The ban’s removal is a major industry boost, showing Nigeria’s openness to hosting crypto firms, according to Nathaniel Luz, Flincap’s co-founder. Despite potential challenges in securing institutional licenses for newcomers, Luz is confident it will ultimately enhance the crypto sector.
Key Bitcoin Levels To Watch – December 24
The overall bullish trend began after the indication of the bullish divergence by the RSI (Relative Strength Index). The first wave of the trend ended at the $37800.00 previous resistance. However, the bullish trend remained, according to the MA Cross.
BTCUSD consolidated at the $37800.00 price level until mid-November 2023. According to the RSI, the correction phase from the $45000.00 significant level caused a decline from the overbought state. The market, however, remains bullish as the fifth wave sets to begin.
BTC/USD Key Levels
Support Levels: $43100.00, $46000.00, $52100.00
Resistance Levels: $37800.00, $31900.00, $24900.00
BTC Metrics
Total Market Capitalization: $1.62T
Bitcoin Market Capitalization: $859B
Bitcoin Volume: $15B
Market Rank: #1
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