A recent analysis of Google Search Trends has revealed that many Nigerians are searching for "sell bitcoin" despite the cryptocurrency's value skyrocketing to an all-time high of $69,000. The analysis showed that the search for "sell bitcoin" has surged by a staggering 376% globally, and Nigeria tops the list with the maximum score.
According to a report by Invezz.com, Bitcoin's journey to its new record high has been fueled by various factors, including substantial investments from US finance giants and the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by US regulators. The report stated that the entrance of institutional investors into the Bitcoin market and the availability of investment products tied to Bitcoin's price have significantly contributed to the recent price surge.
Despite the optimism surrounding Bitcoin's latest milestone, experts remain cautious about the cryptocurrency's volatile nature. The upcoming "halving" event, expected in April, adds another layer of uncertainty to Bitcoin's future price trajectory. Historically, halving events, which reduce the rate at which new Bitcoins are created, have been accompanied by price surges. However, the impact of this event on Bitcoin's price remains uncertain, further contributing to market speculation and investor anxiety.
Last week, Binance, a leading global cryptocurrency exchange, announced the discontinuation of all services in Nigeria involving the local fiat currency, the Nigerian naira (NGN). The cryptocurrency platform was forced to discontinue its services in Nigeria following regulatory disputes with the Nigerian government, in which the Nigerian government accused the platform of ongoing manipulation of the forex market and involvement in the illicit movement of funds.
In an official statement, Binance informed its users to proactively withdraw their NGN, engage in NGN asset trading, or convert their NGN holdings into cryptocurrencies before March 8. It added that any remaining NGN balances in users' Binance accounts would be automatically converted into the Tether (USDT) stablecoin. The government has imposed a $10 billion fine on the company. However, the crypto exchange has refuted any awareness of this fine.
Comments