Why is Bitcoin $86K in Nigeria? Here's why the BTC premium is huge in some co...
Traders are accustomed to slight price differences between exchanges, but is a 70% gap sustainable? Since the start of 2021, Bitcoin (BTC) price has been chasing new highs on a weekly and daily basis. On Feb. 21, BTC reached a new all-time high at $58,300. However, an interesting phenomenon is that even with many global cryptocurrency exchanges in existence, BTC's price can still vary greatly depending on geography.This raises an intriguing question. How can Bitcoin price simultaneously trade at $53,047 in Malaysia, $49,727 in Singapore, $51,133 in India, and over $86,000 in Nigeria? Is....
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Although Nigerian exchanges are recording such high prices, that does not mean the rest of the world will follow their lead. Bitcoin prices can vary significantly from country to country. Specific regions are subject to paying premium prices, with China being a great example. But Nigeria is warming up to Bitcoin as well, sending prices soaring to unseen levels. Just yesterday, the price per BTC touched US$1,251.18 across Nigerian Bitcoin exchanges. Considering how the average global price was US$725 at that time, such a large cap is rather unusual. Bitx is one of Nigeria’s most prominent....
In the wake of the recent ban on Nigerian banks' servicing of crypto exchanges, Bitcoin's price in the country has seemingly spun out of control. It's been roughly 11 days since the Central Bank of Nigeria banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country. At the risk of stiff penalties, all banks and institutions were directed to close crypto-related firms' accounts immediately. In the wake of the controversial move, public interest in Bitcoin (BTC) in Nigeria continues to outstrip other countries, according to the latest....
Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are in talks tto create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. Binance In Talks With Nigeria According to a press release, Nigeria intends to use the Nigeria Export Processing Zones Authority (NEPZA) to establish the […]
Developing markets turning to Bitcoin are experiencing huge variations in the price of buying a Bitcoin - and rumors of ulterior motives are beginning to surface. A major upheaval in the Indian, Pakistani and Nigerian markets this month has led to Bitcoin interest and trade skyrocketing. In India, heavy demand on sites such as LocalBitcoins means that buy spreads have widened considerably, with users paying over $100 more per coin than in places such as the U.S. and Europe. African red herrings? However, while Indians increasingly turn to Bitcoin to safeguard themselves against financial....
Nigeria is set to become Africa’s FinTech hub after experiencing a boost in mobile money operations last year that has helped catapult the country to the forefront of media attention as it demonstrates its advancements in the sector. According to a report from Finextra, in 2011 mobile money operations in Nigeria grew from an average monthly transaction value of $5 million to $142.8 million in 2016. A key factor to this growth is down to the fact that Nigeria is experiencing a growing population. UN estimations predict that the population in Nigeria is expected to be greater than that in....