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Bitcoin Skyrockets to $35,000 Amidst Economic Turmoil in Turkey and Nigeria

John KumiBy 0Edited by John Kiguru 29. October 20233 Mins Read
Bitcoin BTC
Source: Bitcoin BTC
  • Bitcoin is currently trading at $34k, a slight fall from the $35k trading price after staging a mini rally to break the crucial resistance level.
  • Interestingly, Bitcoin is trading above its peak in Nigeria and Turkey with a current price of 27.4 million ($34.465,41) and 960,000 ($34,115,99) against the Naira and Lira respectively. 

Bitcoin (BTC) has been doing well in the past few days as investors build anticipation towards the upcoming Bitcoin halving event and the spot BTC ETF approval which looks Imminent. Bitcoin is currently trading at $34,120.40 after declining from its $35k price point earlier in the day. Regardless, the asset still has a bullish market sentiment with a 15 percent surge in the last seven days. 

As of press time, Bitcoin was still 50 percent down from its all-time high price of $69k. However, it was making history in Nigeria and Turkey as it traded above its peak against the Turkish lira and the Nigerian naira.

Data estimates that Bitcoin was trading at 960,000 ($34,115,99) against the lira (TRY) and 27.4 million ($34.465,41) against the naira (NGN). CoinGecko estimates that there has been a cumulative $40 million worth of Bitcoin traded on local exchanges in the last 24 hours.

It is important to understand that the figure does not consider the trading amount on international exchanges like Coinbase. According to the International Monetary Fund (IMF), inflation in Nigeria surged to 25 percent last year while that of Turkey skyrocketed to 51 percent. This contributed to the significant increase in demand for Bitcoin as a hedge against inflation. 

Bitcoin Thriving in Nigeria Despite 2021 Ban 

It can be recalled that the Nigerian government placed a ban on crypto trade in 2021. However, crypto transactions surged by 9 percent year-on-year to hit 56.7 billion in June 2023. Chainalysis recently disclosed that India and Nigeria are the top two countries with the most active user participants in decentralized finance (DeFi) and crypto trading activities. 

Generally, global adoption of crypto is down according to the report from Chainalysis.

There’s no sugarcoating it: Worldwide grassroots crypto adoption is down. We can see this on the chart below, where we apply our Adoption Index methodology globally by summing all 154 countries’ index scores for each quarter from Q3 2020 to the present, and re-index them again to show adoption growth over time across the world.

The crypto market reportedly has a lot of potential to stage multiple bull runs. Recently, Fed Chair Jerome Powell disclosed that there may be a halt in the interest rate hikes if the inflation rate continues to do well. On top of that, Grayscale won a massive victory against the US Securities and Exchange Commission at the appeal court, compelling the Commission to review the previous decision against the GBTC conversion to spot Bitcoin ETF.

Ripple Labs also recorded a partial win against the SEC concerning the security status of XRP. An interlocutory appeal was also rejected. After this, the SEC decided to drop all charges against the Ripple executives, setting the market up for an upward trajectory. 

As of press time, most of the leading crypto assets were slightly down in the last 24 hours. Solana which had an impressive performance in the past couple of days is currently down by 1.7 percent with Dogecoin down by 3 percent in just a day. 

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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