Bitcoin value in Nigeria surges as cash-free society initiative expands
The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Bitcoin price, having seen steady gains for the past several weeks, has plummeted, losing nearly 10% just two days before the mining reward is halved.
Looking at the movement from Bitcoin over the month, the growth of token was obvious, moving from a price tag of $6815 USD to see the token breach $10,000 USD. This, however, came crashing down to $8 790,80 USD yesterday, as the token dropped 9.23% in its daily moving average.
According to experts, the reason behind the crash could be pointed to several things: A strong resistance barrier, where Bitcoin struggles to break above $10,200 USD, a sell-off as whales cash out, and massive market volatility as the token nears the halving event.
Barrier Of Resistance
Bitcoin faces a strong area of resistance between the $10,000 USD and $10,500 USD mark and the token struggles to increase above the barrier. Once again, the leading cryptocurrency has fallen short of breaking past the mark and has taken a downwards turn in responsive correction. This has left the token on a precipice of vulnerability just before the halving, which could send the market further into the red before it sees any significant gains again.
Bitcoin Buyers Selling Off
The recent increase in Bitcoin sales could have led to an overbuy into the market. As more investors enter the market, the sentiment plays more highly into purchases and sales, meaning that any rocky news could send cryptocurrency owners to sell. Cryptocurrency analysts such as Logan Han believe that this is likely the beginning of a major sell-off which will follow the halving.
Bitcoin Volatility At Its Peak
Bitcoin, which is not famed for its stable price at the best of times, is facing a particular potential for volatility as it leads up to the halving event. This is as more eyes, both cryptocurrency-focused and other investors alike, are fixed on the price movement of the token. This results in more prominent movements in either direction and this is evident by the recent growth surge over the past month as well as yesterday’s break.