Bitcoin P2P Volume in Nigeria on the Rise Amid Restrictions
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Nigeria’s rising peer-to-peer Bitcoin volume comes as local regulators are going after financial institutions violating the Central Bank of Nigeria (CBN)’s February 5, 2021 directive. In the directive, the CBN banned banks and other financial institutions operating in the country from facilitating crypto-related transactions.
Paxful explained that the reason behind the spike in P2P volume across Africa was due to the lack of adequate financial services across the continent. The crypto exchange further explained:
“For a market like Africa, where many people are underbanked and financial institutions are not as easily accessible, P2P finance provides an opportunity for financial inclusion. There’s been an explosion in Bitcoin adoption in Nigeria due to a multitude of factors: a 33% unemployment rate, an unbanked population of 38 million adults, a young and entrepreneurial community (over 75% of its population is under 35), and financial instability — such as volatility around the Naira.”
Key Bitcoin Levels to Watch — August 25
Bitcoin continues to struggle with posting a sustained gain above the $21.7K pivot top despite being in a mini uptrend. This sentiment persists as we head into another weekend, where volatility typically rules.
That said, as long as BTC holds its footing above the $21K support line, all should be fine for the flagship cryptocurrency. At press time, traders are on the sidelines ahead of Fed chair Powell’s speech tomorrow. The reaction to comments from the central banker could trigger a break in the prevailing sideways bias for crypto.
Meanwhile, my resistance levels are at $21,700, $22,700, and $23,000, and my key support levels are at $21,000, $20,000, and $19,000.
Total Market Capitalization: $1.04 trillion
Bitcoin Market Capitalization: $414 billion
Bitcoin Dominance: 39.6%
Market Rank: #1
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