Bitcoin sheds 10.22% value, Nigerian trade drops to $32.16m

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Nigerians traded $32.16m in bitcoin volume in September. This was a drop from August’s $44m high.

This is according to analysis of trading data on Usefultulips.org.

Usefultulips combines data from two major peer-to-peer exchanges in the country, LocalBitcoins and Paxful.

It is expected that actual trading volume for the nation is higher.

Bitcoin trading volume dropped in the month of September to February levels when trading volume was $31.9m.

Total trading volumes for the first nine months of 2021 was $315.76m.

In January, BTC trading volume was $31.9m; in February, it was $31.9m; it increased to $33.6m in March; in April, it was $33.1m; in May, it was $38.5m; in June, it was $34.7m; and $35.9m in July.

Globally, BTC lost 10.22 per cent of its market cap in September.

According to Coinmarketcap.com, on September 1, the market cap for BTC was $918.50bn, and it closed trading at $48,847.03.

By September 30, the market cap for BTC had dropped to $824.62bn, and it closed trading at $43,790.90.

In September, BTC traded above the $50k threshold thrice. On September 3, it closed trading at $50,025.37. On the fifth and sixth of the month, BTC closed trading at $51,753.41 and $52,633.54 respectively.

China’s latest ban on crypto affected global prices although the International Monetary Fund recently disclosed that the prices of crypto has grown in 10-folds since 2020.

Chainalysis recently disclosed that Europe received over $1tn worth of cryptocurrency over the last year, becoming the biggest cryptocurrency economy in the world.

The report said Central, Northern, and Western Europe received 25 per cent of total global crypto activity, overtaking Eastern Asia in the process.

The cryptocurrency analytics company said an influx of institutional investment, signaled by large transactions, drove the growth, as retail activity continued to increase.

It added that Europe had become an international hub in the world cryptocurrency economy.

The company said, “Europe is the biggest cryptocurrency trading partner for every other region we study, sending at least 25 per cent of all value received by other regions, including a whopping 34 per cent for North America.”

According to the company, Europe is a key source of liquidity to cryptocurrency investors around the world.

It added that the United Kingdom received the most cryptocurrency ($170bn), with France, Germany, the Netherlands, and Switzerland completing the top five.

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