Bitcoin Price Hits $68,000 In Nigeria: Here s Why
02/24/21 AT 6:51 AM The price of a bitcoin has rise by nearly 90 percent since the start of this year Photo: AFP / Ozan KOSE
KEY POINTS
There is a budding informal market for the dollar in Nigeria and other emerging markets
The Bitcoin rates may be a reflection of the real value of the local currency
The price of Bitcoin in Nigeria has exploded to $68,000, which is $20,000 higher than the current global market rate, primarily because of the current exchange rate between the U.S. dollar and the Nigerian naira.
As per a listing on LocalBitcoins, 1 Bitcoin is worth 26,000,000 naira in Nigeria. At the rate of 380 naira per dollar, the price of 1 BTC in Nigeria when converted to dollars is $68,246, a large 24% premium from the current market rate.
Bitcoin fell as much as 11% on Thursday after a report from BitMEX Research suggested that a critical flaw called "double spend" had occurred in the Bitcoin
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Bank of America s Bull & Bear indicator showed sentiment climbed on a 1-10 scale to 7.1 last week from 6.7 on December 17.
This prompted Bank of America s chief investment strategist, Michael Hartnett, to say in a January 7 note that investors were rationalizing increasingly irrational price action on Wall St.
Hartnett laid out six warning signs to watch that could signal a bear market is beginning.
Investor sentiment has climbed from rock bottom in March to what is now approaching extremes on the other end of the spectrum and it s starting to worry Bank of America s top strategist.
Bitcoin price rises 9% to cross $38,000 mark, putting $40,000 in sight ECB boss Christine Lagarde yesterday called for more regulation of the funny business
Billionaire Bond King Jeff Gundlach says bitcoin appears to be in bubble territory
Emily GraffeoJan 12, 2021, 02:47 IST
FILE PHOTO: Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital, speaks at the Sohn Investment Conference in New YorkReuters on Monday
bitcoin hit bubble territory once it passed $23,000, and he doesn t feel comfortable with the coin s current levels. I don t like bitcoin here, I don t like things that are up on a stilt like that, the DoubleLine Capital founder said of the coin that rallied nearly 300% in 2020. He added that he s neutral on bitcoin.
Bitcoin fell as much as 13% on Monday to $30,558.
It s lost over $10,000 in value since hitting a record above $41,000 last week, but the coin is still up nearly 89% in the last month.