Join the Trading Community: Learn & Earn with BingX.
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
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.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.