In Nigeria, Bitcoin trading has surged in recent times, as citizens take a keener interest in the sector. Generally, Bitcoin and other cryptocurrency trading transaction volumes have pumped by 60% over the past three months. The rise in Bitcoin volumes also coincides with a drop in the value of the dollar.
Nigeria is Africa’s most populous nation, and also one of the fastest-growing crypto markets in the world. It is therefore easily the country with the largest Bitcoin trading volume in Africa. According to a Blockchain.com report, Nigeria might easily be one of the countries with the highest Bitcoin activity, among all other countries. Furthermore, the report says that Nigeria is the country with the “most relative interest” in Bitcoin, citing data from Google search.
Usage on the Blockchain.com online wallet as also spiked. According to the report:
“Nigeria has been the most trending country in recent months. It has increased by 60% its usage of Blockchain.com web wallet since April 2020.”
According to Blockchain.com, a drop in the dollar in the last month may also be responsible for the increase in Bitcoin rates. The dollar fell 4% in July, almost directly resulting in a rise in crypto demand. The report says that Bitcoin increased 24% while Ethereum increased 57%. Equities also increased by 6% while long-dated treasuries climbed 4%.
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