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Nigeria’s Crypto Market Stake Down by $300 million Naira

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The crypto market is bearish at the moment and the downward trend still continues. However, the down slide of the market is taking a toll on investors in Nigeria. The West African country has the largest crypto market in Africa and the price tumble is beginning to affect crypto participation. The year 2017 marked a remarkable year in the crypto boom that spread to Africa and earlier this year, the growth of participants in bitcoin grew to an encouraging amount. However, Nigerians are faltering and cutting their losses in cryptocurrency as the market stake dropped to N1.09 billion as against N1.51 billion as at July this year.

Bitcoin is an attractive option to Nigerians considering the high inflation the country suffers and the instability of the Naira. However, bitcoin is losing the appeal it once held for Nigerians as it made almost N300 million fall difference between the end of July and mid-September. A lot of reasons have been postulated as to why Nigerians are pulling out of the market drastically. It is notable that the fear of a market crises is serving as a stimulant to the withdrawal. The withdrawal reaction to the crypto market is not peculiar to Nigeria alone as across the continent crypto investors are becoming sceptical of the market slump.

Although some crypto enthusiasts are optimistic about the rise of the market, figures prove differently. After celebrating a market stake of N1.7 billion in July, the market lost almost $40,000 as traders hurried out of the market. Bitcoin is not the only crypto affected by the bearish tendency as Ethereum is currently trading at $226.81 and Bitcoin Cash at $458.78. Despite the downward trend of the market, some crypto enthusiasts are hodling and not letting go.

 

What do you think about the reduction in the amount of crypto investors in Nigeria. Share your opinion with us in the comment section below.

Image credit: pixabay

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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94% of Endowment Funds are Allocating to Crypto Investments

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94% of Surveyed Endowment Funds are Allocating to Crypto Investments

Endowment Funds– which go to non-profit organizations are of recent being redirected and allocated to crypto-related investments. This trend began in early 2018 and this fact-finding was conducted in the last quarter of that same year. According to The Trade Crypto, the continuous support and release of funding without minding the concerns for regulation, liquidity, and volatility.

The majority of these Endowments are based in the United States and Canada while the others are scattered across the United Kingdom.

The summary of the research showed that despite the current shortcomings in the industry, endowments remain firm in their resolution to provide funding for them. This is a show of belief in the industry and it will, in turn, spur regulatory bodies to rise up to the occasion of securing the people’s asset which is long overdue.

In contrast, only a minor 7% of respondents were skeptical and predicted a reduction in funding it the coming years.

Meanwhile, Jonathan Watkins who happens to be the managing editor at Global Custodian and The Trade had this to say about the survey:

“All the talk over the past 18 months has been around when institutional investors will begin participating in cryptocurrency investments, but it turns out they had already arrived, in the form of endowment funds”

More insights got from the survey clearly show that 54% of the respondents are directly investing in crypto assets, and 46% are investing in various kinds of funds. But most definitely, the important characteristics the endowments would be looking out of are that they comply with robust regulation, have sufficient capital flow and liquidity and finally account security.

The Trade suggests cautious optimism is an apt overall summary of endowment sentiment in regard to the nascent asset class, citing one respondent’s belief that crypto “is the future of investing,” and others’ characterizations of the process as “a very wild ride” and “hair-raising.”

In February, it was reported that part of the $12 billion endowments set aside was invested in a Cryptofund managed by the United States venture capital firm Andreessen Horowitz.

Later that same year 2018, information about crypto fund investments from the big wigs in the university endowment category showed that Havard and Yale- with Harvard making provision for over $39.2 billion endowments for the fiscal year. Among other universities with crypto investments are Stanford University, Dartmouth College, the Massachusetts Institute of Technology and the University of North Carolina.

As reported this month, Harvard’s endowment is set to become a direct investor in a planned $50 million token sale from decentralized computing network Blockstack. If approved, the sale would be the industry’s first Securities and Exchanges Commission-qualified offering.

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Russian National Poll Report: only 2% have invested in Bitcoin

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Sunday; the 17th of March had blown up records of the highest 20 cryptocurrencies reporting to have slight good points and losses at the day.

According to the recent report from Russian Center for the Study of Public Opinion (VTsIOM), Bitcoin has not gained popularity in the country, with two-thirds of Russians considering a purchase of the cryptocurrency as a bad investment. VTsIOM  is the oldest polling institution in post-Soviet Russia.

As contained in the report, the word “bitcoin” is familiar to 74% of Russians, of whom only 2% acquired digital currency. 47% think that bitcoins can only be bought, but not produced by yourself, 43% – that for them you cannot buy real goods and services with bitcoin.

The report went further to say that more than half of Russians (56%) say they know about bitcoins (however, only 9% are in detail), another 18% have heard only the term itself. The level of awareness among the youngest age groups (67% among 18-24-year-olds), people with a higher education (71%), residents of Moscow and St. Petersburg (75%), men (66%), active Internet users (69%).

At the same time, the actual knowledge about this cryptocurrency is rather weak. So, among those who know/have heard about bitcoins, 37% are sure that anyone can buy them , and 12%, for example, believe that they are banned in Russia. The degree of protection of bitcoins, compared with conventional money, is estimated ambiguously: 28% believe that it is harder to steal digital currency, 29% – easier.

In general, it can be said that bitcoins have not yet gained popularity among our fellow citizens: two thirds of Russians who heard about them (65%) consider investing money in bitcoins as a disadvantageous investment, only 2% bought bitcoins.

It is pertinent to note according to a news outlet that in early 2018, VCIOM posted the results of another survey about cryptos. That survey also indicated that the level of knowledge about cryptocurrencies in Russia is rather low, as even those that claim to be familiar with Bitcoin often fail to state with certainty whether the Bitcoin can be legally bought in Russia. In fact, 16% of those claiming to have knowledge about cryptocurrencies said that Bitcoin is prohibited in Russia.

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Crypto Market Surge: Chinese Traders Pay Premium for Bitcoin Through OTC

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CnLedger had recently reported that last week’s surge in the price of  Bitcoin’s (BTC) has made Chinese traders not only return to trading but pay a premium for doing so. And with  price spreadsheets from Huobi and OKEx exchanges, cnLedger was able to reveal an increasingly common practice among Chinese traders who wish to acquire Bitcoin.

It would be good for us to recall that the government of China formally banned cryptocurrency trading in 2017 and since then, cryptocurrency investors in the country have had few options. One of these few options which had turned to become the principle method as noted by CnLedger is purchasing stablecoins such as Tether (USDT) through OTC (over-the-counter) services and converting them to other cryptocurrencies.

The report claimed that “Chinese markets reveal strong buys,” in the event of a bullish week for Bitcoin which saw BTC/USD advance by over $1,000, prices for those OTC services have steadily risen in CNY terms, marking an increase in demand.

According to the tweet from CnLedger, “OTC (Over-The-Counter) trades, the almost only way to buy bitcoin with fiat in China, showing considerable $ premium (1 USDT = 7 CNY) over the official rate of 1 USD = 6.7 CNY.”

The upsurge in Bitcoin trading among Chinese investors contrasts with the ongoing clampdown on cryptocurrency-related activities in the country.

As Cointelegraph reported, this has extended to anything construed as propaganda, while associated instruments such as initial coin offerings (ICOs) are also outlawed.

In the contrary, authorities within the Chinese government continue to advocate the development of blockchain technology, both within the state and private sector.

In some time past, it was reported that China in fact has more blockchain-related projects underway than any other country worldwide, alongside the largest number of blockchain patents.

Last week, Beijing approved almost 200 firms as part of new plans to register blockchain service providers.

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Peter Brandt Predicts Bitcoin Price at $50k 

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Amidst the recent numerous bitcoin price speculations, Peter Brandt’s price prediction that BTC will get to 50k has generated a lot of FOMO among traders and investors. This is because of his experience and similar past predictions that later came true.

The first price prediction was from Tom Lee which was prompted by the second prediction from Tim Draper which made us to have Tom Lee Bitcoin price prediction and Tim Draper Bitcoin price prediction respectively. Surprisingly, the predictions from these two Bitcoin price forecasters did not generate more FOMO than the recent bitcoin price prediction from the prominent veteran trader and investors, Peter Brandt.

As part of his reasons for a positive Bitcoin price prediction, Peter Brandt says that bitcoin is within the brink of a parabolic bull run and the target the target of this bull run will be far higher than the price of Bitcoin from the 2017 bull run which was almost $20,000.

“I believe that what’s happened from December of 2017 through December of 2018 is really an analogue to what happened in the 2013 to 2015 bear market, where we saw a sequential 10 up and down move in the bear market. And we’ve almost identically formed that same sort of pattern. After the 2015 low in Bitcoin, we saw the market then developed into a parabolic advance. And so, I think the analogues are holding remarkably well, and based on those analogue studies I think cryptos now will go back into a parabolic bull market. The only question I have is do we rally here some, and then sometime in late summer, check the late 2018 lows or not. I mean, there’s a chance it does and there’s a chance it doesn’t.”  said Peter Brandt in an interview with Yahoo Finance.

This veteran trader and investor, Peter Brandt, is said to have been trending in the cryptocurrency market since he forecasted that the price of Bitcoin will hit $50k. His bitcoin price prediction is so important because he is reputed to be the first to predict that Bitcoin will fall by 85% during the cryptocurrency winter which indeed came true.

Interestingly, Peter  doesn’t in an way make reference to the fact that this prediction will happen overnight. Rather, he claims that it is going to be over the next two to three years. Thus, if this happens, the cryptocurrency industry is going to produce hundreds of thousands of billionaires. Such a bull run isn’t just going to affect the price of Bitcoin (BTC) but would also affect other coins.

“What we know is, when Bitcoin starts moving, it moves. It doesn’t hold up for everybody to catch the stagecoach. And so, if we start developing some upside momentum, whether we come back down and have a break into the late summer and then start back up or whether we keep going from here, I think we’re going to see a similar parabolic advance. And I think it’s easy to look at that advance exceeding the $20,000 high, or near the $20,000 high we saw in late 2017. I would guess the target’s probably around $50,000.” He said.

 

     

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