Nigeria’s Central Bank Lifts Crypto Ban, Boosting Bitcoin’s Bullish Outlook

Azeez Mustapha


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Nigeria's Central Bank Lifts Crypto Ban, Boosting Bitcoin's Bullish Outlook

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.

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

Nigeria's Central Bank Lifts Crypto Ban, Boosting Bitcoin's Bullish OutlookThe 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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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.

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