Investors – After the dip comes the bullish trend, this is typical of Nigerian investors who purchased Bitcoin in the heat of the November 2022 slump; they categorically are posting enormous gains in the cryptocurrency market at this time.
According to confirmed data, since November lows, bitcoin has increased by at possible least $7,000 equivalent to N5 million using the p2p rate.
Recall, on Saturday afternoon, Bitcoin alongside major market leaders Ethereum and Solana, surged to levels not seen since August 2022, which transmits another shock to the cryptocurrency market recovery.
The bull’s struggle, which lasted for a few days appears to be over, at least temporarily, as BTC had one of its most remarkable overnight price increases in recent memory, such an increase from under $21,000 to way above $23,000.
Nigeria’s adoption of Bitcoin and other digital assets as shown by KuCoin, titled “Into the Cryptoverse shows Nigeria stands up among the world; 35% of its citizens, or 33.4 million people, aged 18 to 60, either owned or traded bitcoin or another cryptocurrency
in the previous six months.
According to Google trends, Nigeria had the most searches for Bitcoin in the first few months of 2021, the report adds.
- Nigerians are only behind the United States in Bitcoin trade volume from January to August of last year, and at that time, they were more likely to Google “Bitcoin” than people from any other nation.
- Producer price index (PPI) data showed a larger-than-anticipated fall, indicating the U.S. Federal Reserve’s monetary hawkishness has been curbing inflation and boosting investors.
According to the CME FedWatch tool, traders presently predict that the Federal Open Market will be sustainable.
- The committee will increase rates by merely 25 basis points or 0.25 percent at its February meeting, a slowdown from the 50 basis-point increases in the meeting in December
How sustainable could the rally be for investors?
It appears that the current rally last for longer than just a few weeks as several significant Crypto trading trends are pointing upward for the first time in many weeks.
- Following its effortless breakthrough of the $1,500 price level, Ethereum has experienced weekly gains of more than 8%.
- Despite the Wednesday dip that took place in expectation of a significant announcement from U.S. Federal prosecutors that many believed would target a key participant in the sector, Bitcoin and Ethereum have performed well.
What the Saturday unexpected increase means to the cryptocurrency market
Bitcoin seven-day gains now stand at 9% with a 30% increase over the past 30 days. Bitcoin’s price has dropped by 65% from its record high of over $69k in November 2021, but recent advances indicate that the cryptocurrency asset market is recovering after a difficult 2022.
- Short sellers who bet against the cryptocurrency market are facing difficulty and impactful losses because, over 79,899 traders were liquidated, totaling $369.95 million.