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According to Chainalysis, Africa’s cryptocurrency market received $105.6 billion worth of cryptocurrencies between July 2020 and June 2021, a more than 12-fold increase from the same period last year. In addition, Africa has the highest grassroots adoption of cryptocurrencies in the world, with retail transactions accounting for just over 7% of total transactions. The global average is 5.5 per cent. Given that some countries restrict or prohibit residents from sending cryptocurrency to exchanges through local banks, the popularity of P2P platforms could be one of the drivers for greater cryptocurrency adoption in the region, the analytics firm added. Other drivers include remittances and the need to fight inflation.
Bitcoin continued its rally yesterday, peaking near $48,000 before retreating. It is currently hovering around $48,000. This is the first time the Bitcoin price has returned above $48,000 since its collapse on September 7. The rally broke through the box range of recent shocks. The next step is to see if Bitcoin falls below $46,000. If it is unable to reach $46,000, BTC will return to the downward adjustment channel. On the flipside, if BTC stays above $48,000, the bear trend is expected to end in the medium term and the bulls could regain momentum.