Nigeria dominates global crypto markets amidst massive dips resulting in major losses. Meanwhile, new crypto advancements await.
Nigeria has been dubbed Africa’s crypto giant, and this has been occasionally proven so. This rank remains as recent bearish markets continue to prevail along with heightened crypto participation in Nigeria. Meanwhile, larger advancements in digital money are oncoming in Africa.
Major Updates
- Nigerian market loses N300.9 billion to the bear market.
- Nigerian stock market declined from N20.33 trillion to N20.03 trillion.
- Nigeria is the third-largest crypto market globally.
- Blockchain Research Institute to expand into Africa.
Since the past seven days, cryptocurrencies have suffered major losses. The major driving force has been Elon Musk and his influential tweets. The news about Tesla stopping crypto payments to him teasing about a whale dump move, and recently, the Chinese crypto ban.
Major losses have spiraled throughout major coins like Bitcoin and Ethereum, and even altcoins. This has heavily impacted Africa’s largest crypto market.
The continent’s leading crypto nation has just recorded a total loss of N300.9 billion. This has been due to massive sellout rates and lowered participation.
The nation’s stock market has also suffered the same fate, with losses from N20.33 trillion to N20.03 trillion.
Nigeria Tops Global Crypto Market
Even with massive withdrawal from crypto activities worldwide, Nigeria still dominates Africa. As for the rest of the world, the most populous nation in Africa places third place after the US and Russia.
Total market capitalization in Nigeria is recorded to be about $400 million.
The market has overcome many challenges, including governmental opposition. From the CBN ban to warnings by foreign currency exchange firms, ABCON and EFCC, the crypto market is flourishing regardless.
Despite all these, paired up with the bearish rally that can wipe out the value of many digital currencies, crypto use in Nigeria remains highly prominent.
Africa Awaits New Blockchain Research Facilities
The Blockchain Research Institute (BRI) is launching newer sites in Africa, hoping to expand. The launch will be in partnership with the Standard Bank Group.
The partnership will be towards educating and researching blockchain innovations. This would bridge the gap between real-time market solutions and digital blockchain technology.
Question of the Day
What is your take on crypto advancements in Africa?
Source: Independent.NG
