Cryptocurrency Usage Is Growing In Nigeria As Africa’s Largest Economy Grapples

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Today’s Cryptocurrency Headline

The use of cryptocurrency is on the rise in Nigeria, driven by the country’s struggle with a depreciating currency and surging inflation, according to a report by New York-based blockchain research firm Chainalysis released on Tuesday. In Nigeria, interest in bitcoin and stablecoins – crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility – increased when the naira’s value plunged, particularly during the most extreme drops in June. In Nigeria, interest in bitcoin and stablecoins – crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility – increased when the naira’s value plunged, particularly during the most extreme drops in June and July of 2023, Chainalysis said.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The rebound of BTC has temporarily stabilized, although the trading volume is not very high. However, the fact that it is rising against the trend of the US stock market indicates that there is minimal selling pressure in the current market. Of course, this does not necessarily mean that it will continue to rise in the future, as there has not been a significant increase in stablecoins in the market. Without the influx of incremental funds, we cannot expect a high increase in price. The support level is at $26,800 and the resistance level is at $27,500.

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