Bitcoin price skyrocketed to $80,000 in Nigeria on Friday

Nigeria’s SEC and Crypto Regulations

Bitcoin price rallied to new heights during the past few weeks. The crypto surpassed the new record of $50,000 in the United States. However, it skyrocketed even further in Nigeria. Even though the Central Bank imposed a ban on cryptocurrency trading in the country, that hasn’t deterred the crypto traders, and exchanges have continued to thrive thus far in Nigeria.


The Central Bank of Nigeria had recently issued a circular warning for financial institutions, specifically forbidding them to enable bitcoin transactions. However, the digital coin currently trades 52% above the global price in the country.


According to statistics, bitcoin has surpassed a 52 % premium in Nigeria over the cost in other countries. While the global price fluctuates around $52,000, the cryptocurrency is currently trading above $78,000 in Nigeria. Furthermore, it seems to be increasing exponentially. It was just 36% above the global market price about two days ago.


However, the price gap is also far-flung for several other countries. For instance, Venezuela ranks second with a 3.5 % difference. Chile, Argentina, and Malaysia are in the top five with less than 3% increase each, as well.


After the Central Bank ordered financial institutions in Nigeria to close accounts involved in cryptocurrency trading, Peer-to-Peer trading took center stage. The apex bank issued a warning for the banks and other financial institutions to desist from facilitating every cryptocurrency-related transaction. As a result, banks discontinued their affiliations with digital coin exchanges. Other fintech companies in the country also halted related services, showing compliance with the circular.


How are other cryptos trading? 


Bitcoin soared by 0.54% to $51,847.0 in global trading on Friday. Meanwhile, other digital coins fluctuated during the session. Polkadot tumbled down by 0.55%, but others ended in the green. Binance Coin surged forward by 5.72%, leading the way.


On Thursday, Litecoin tumbled down by 4.58%, while Polkadot declined by 1.72%, and Ripple’s XRP fell by 0.54%.


However, the rest of the majors traded on the bullish territory. Coin and Binance Coin rallied by 18.66% and 18.22%, respectively, leading the way. Bitcoin Cash SV also climbed up by 4.94%, and Ethereum increased by 4.74%, both managing to find strong support.


On the other hand, Cardano’s ADA added 2.44%, and Chainlink edged forward by 0.56%, trailing the front runners.


Bitcoin’s dominance plummeted down to a Monday low of 60.67% before jumping to a Wednesday high of 63.41%. On Friday, Bitcoin’s dominance sat at 61.42%.


The crypto total market cap dropped to a Monday low of $1,350.01bn during the current week before soaring to a Thursday high of $1,602.83bn. On Friday, the total market cap sat at $1,573.61bn.

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