Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet

Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet

According to a website that tracks the price of bitcoin across the globe, the crypto asset’s selling price in Nigeria as of February 18 stood at $ 76,000. At this price, the crypto asset is selling for $20,000 more than the approximately $52,000 that most cryptocurrency exchanges are currently quoting.

Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet

This spike in the premium charged on bitcoin follows the recent Central Bank of Nigeria (CBN) directive that targets cryptocurrency traders and exchanges. According to the CBN order, which became effective on February 5, banks and other financial institutions were asked to end relationships with entities that are associated with cryptocurrencies. Since then, many crypto exchanges have seen activity drop drastically as institutions complied with the directive.

News.Bitcoin.com reached out to Chiagozie Iwu, the CEO at Naijacrypto cryptocurrency exchange for his perspective on the surging premium. Iwu starts by confirming that different exchanges have different prices for BTC, and he says this has been necessitated by increased costs of acquiring crypto assets. Before CBN issued the directive, “all crypto exchanges had a unified liquidity source” and this source ensured that getting “naira against crypto was easy.”

However, after financial institutions began implementing the CBN order, the liquidity situation has changed for the worse. As Iwu explains, prior to the CBN order:

Trading in Nigeria was smoother than ever, all exchanges had unified liquidity and the markets were very liquid. There was basically little to no spreads in the market.

As a result of the changes in the liquidity situation, the gap between the BTC price in Nigeria and that across global exchanges has been widening.

Regarding the price disparities, the Naijacrypto CEO says these reflect the cost of getting the naira currency to exchanges. This increased cost, in turn, eliminates any arbitrage opportunities that might exist as a result of the price differences. However, Iwu does concede that for users with “better access” these arbitrage opportunities are real and can be exploited.

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Turning to the impact of the CBN order, Iwu also explains how this has badly affected the operations of his company. According to the CEO, deposits on the Naijacrypto exchange dropped by 80% on the day the announcement was made. Before the CBN directive, crypto exchanges had arrangements with banks that enabled “automated deposits” as well as “easy withdrawals.” While activity has since picked up, Iwu reveals that deposits are still 20-25% lower than their usual levels.

The CEO also observes how this CBN order appears to be affecting locally established exchanges more than it has those based outside Nigeria. In explaining this observation, Iwu said:

For the foreign cryptocurrency exchanges its been different since they do not operate from Nigeria so they can flout laws.

Meanwhile, despite the CBN order, which has sent the Nigerian crypto industry back to the “Wild West”, Iwu says he is hopeful that “the ban will be lifted and things will be better than before.”

What else do you think is causing the BTC price in Nigeria to surge? Tell us what you think in the comments section below.

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Source: icryptodesk.com

Author: admin


Crypto Exchange Platform Readying For Public Listing

Crypto Exchange Platform Readying For Public Listing

Cryptocurrency exchange platform Coinbase is readying itself for public trade listing in the coming few months. The company stood at a value of $77 billion based on trading the company’s privately held shares in a secondary market. It acquired the valuation from Nasdaq Private Market.

The mentioned shares in the U.S.’s largest crypto exchange platform are exchanged on the Nasdaq Private Market at a value of $303 per piece. That states a company valuation of about $77 billion, which is superbly greater than the Intercontinental Exchange Inc. – the New York Stock Exchange owner. “The third weekly transaction process closed on Friday with a clearing price of $303 per share,” stated a source. “In the initial week, it stood at 200 bucks per share, in the second week it stood at $301 per share, and in the third week, it stood at $303 per share. So you can see the kind of price discovery that is happening in the market.”

Coinbase IPO Cryptocurrenct Exchange

Coinbase company, on its part, declined to comment.

The private market of Coinbase Company is conducting an anonymous order book ahead of its direct public listing. The date for the public listing hasn’t been confirmed yet. The sale enables the current and former employees and the investors in Coinbase to earn cash off the table. A staggering amount of 254 million shares in Coinbase will be ideal and freely available to trade when the firm goes public. The pre-IPO futures contracts of Coinbase were initially trading on the crypto derivatives exchange FTX at around $386.  

With news of the cryptocurrency platform going public, many within the crypto community are pinning their hopes on positivity. And especially with the price of bitcoin (BTC, +0.39%) growing above $50,000. There is also a continuous argument that the 100% valuation of a company will be significantly different from the valuation of a half part of the total shares. However, the secondary selling of shares that Coinbase effectively sponsors in the past few weeks has witnessed “meaningful amounts” changing hands. “It didn’t seem that a handful of shares were exchanged at $300 per share. Every week witnessed around tens of millions of dollars, which is a pretty sizable amount,” stated the source.

P.S: More information about Coinbase’s finances will reveal when the confidential S-1 the company with U.S. Securities and Exchange Commission will come out as public in the following weeks.

Coinbase Opens its Waitlist for Ethereum 2.0 Staking

However, this depends on the Ethereum network’s variable rate of return. In exchange, Coinbase “acquires a specific commission on all rewards received by the users, and the return rate for the Coinbase customers reflect this essential commission,” Kaw stated. As per the User Agreement of Coinbase, the staking commission stands at 25% of the total rewards received. Apart from staking in Ethereum, Coinbase users can also put their stakes on Algorand, Cosmos, and Tezos tokens.

Subscribe to the nation’s fastest-growing CEO magazine to get the latest business news delivered to your inbox.  

Source: otcpm24.com

Author: News Bureau


KYC-Chain to provide onboarding software for Hong Kong crypto exchange HKVAX

KYC-Chain to provide onboarding software for Hong Kong crypto exchange HKVAX

Hong Kong Virtual Asset Exchange (HKVAX), announced today it is working with KYC-Chain to facilitate the on-boarding of customers to the exchange.

KYC-Chain provides live API integrations to government databases with real-time data updates every 24-hours. This includes the authentication of business information for 139 different countries; representing more than 160 million companies, and data checks from over 10,000 data source points.

HKVAX is a virtual asset exchange that provides trading and support services for institutions looking to invest in crypto-assets,

The HKVAX team is currently in the process of applying for Type 1 & 7 licenses with the Hong Kong SFC.

Source: www.cryptoninjas.net


Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust – Crypto Money Daily

Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust – Crypto Money Daily

Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust

sponsored

The international Pionex cryptocurrency exchange has been one of the fastest growing trading platforms in Asia in 2020 and it is now set to capture even more of the global market in 2021. What makes Pionex so popular is the trustworthy team of professionals behind it and the top notch automated trading tools that it offers for free to all clients.

With so many platforms, exchanges and protocols competing for your crypto these days it can be hard to know which to choose. The number one principle that should guide you is to find a company you can trust, and one of the best options for that is Pionex. It has around 100,000 users and it is one of the biggest Binance brokers while it aggregate liquidity from Huobi Global at the same time.

Pionex already has a U.S. MSB license and is pending for a Singapore MAS license. It never issued its own token like other exchanges and it is more likely to reach NASDAQ with an IPO than just pull another ICO. Pionex is backed by BitUniverse, and invested by prominent Chinese venture capital firms Banyan Capital, Shunwei Capital and Zhenge Capital.

Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust

In September 2020, Bloomberg reported about the popularity of Pionex’s trading bots and mentioned that it has a team of around 80 people, most of whom are developers with experience from leading Chinese tech firms such as Cheetah Mobile, Alibaba Group and Baidu. Its Global CEO, Daniel Seng-Cheng YEO, has more than 30 years of experience in the finance industry, with Hong Kong SFC Securities Qualification Paper 1 RO for type 2 license.

Unlike some popular exchanges that only focus on short term gains for themselves, Pionex’s approach is to help their clients earn and keep as much as they can in the long term. This is evident as Pionex doesn’t try to push risky highly leveraged trading products on clients, instead encouraging them to limit leverage and think as investors not gamblers.

This approach is also evident in the trading bots that Pionex offer. These are not not meant to be similar at all to most advertised trading bots, they don’t promise to be money printing AI algorithms that will give you huge returns and in reality just lose all your funds. Pionex’s trading bots are automated tools that are built to assist a smart investor in implementing his strategy. In total Pionex offers a dozen trading bots, each built for a different market and different situation.

Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust

The first bot, and also the most popular one, is the Grid Trading Bot. Grid Trading is the strategy that has been used in the forex market and it basically helps traders to buy low and sell high in a specific price range. This bot is very suitable for the highly volatile crypto market as it can help investors to avoid the psychological pitfalls that make all human traders panic sell and fomo buy. The popularity of the Grid Trading Bot on Pionex has made many other leading exchanges try to copy it and offer their own version, but Pionex was the ‘pioneer exchange’ in offering this tool.

To learn how you can use it read Pionex’s recent blog post – The Best Bitcoin Trading Strategy For Newbies in 2021 – or watch the following video guide:

Get involved and meet the Pionex community on Reddit, Telegram, Twitter and Discord.

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: cryptomoneydaily.com


Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust – Sponsored Bitcoin News

Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust – Sponsored Bitcoin News

The international Pionex cryptocurrency exchange has been one of the fastest growing trading platforms in Asia in 2020 and it is now set to capture even more of the global market in 2021. What makes Pionex so popular is the trustworthy team of professionals behind it and the top notch automated trading tools that it offers for free to all clients.

With so many platforms, exchanges and protocols competing for your crypto these days it can be hard to know which to choose. The number one principle that should guide you is to find a company you can trust, and one of the best options for that is Pionex. It has around 100,000 users and it is one of the biggest Binance brokers while it aggregate liquidity from Huobi Global at the same time.

Pionex already has a U.S. MSB license and is pending for a Singapore MAS license. It never issued its own token like other exchanges and it is more likely to reach NASDAQ with an IPO than just pull another ICO. Pionex is backed by BitUniverse, and invested by prominent Chinese venture capital firms Banyan Capital, Shunwei Capital and Zhenge Capital.

Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust

In September 2020, Bloomberg reported about the popularity of Pionex’s trading bots and mentioned that it has a team of around 80 people, most of whom are developers with experience from leading Chinese tech firms such as Cheetah Mobile, Alibaba Group and Baidu. Its Global CEO, Daniel Seng-Cheng YEO, has more than 30 years of experience in the finance industry, with Hong Kong SFC Securities Qualification Paper 1 RO for type 2 license.

Unlike some popular exchanges that only focus on short term gains for themselves, Pionex’s approach is to help their clients earn and keep as much as they can in the long term. This is evident as Pionex doesn’t try to push risky highly leveraged trading products on clients, instead encouraging them to limit leverage and think as investors not gamblers.

This approach is also evident in the trading bots that Pionex offer. These are not not meant to be similar at all to most advertised trading bots, they don’t promise to be money printing AI algorithms that will give you huge returns and in reality just lose all your funds. Pionex’s trading bots are automated tools that are built to assist a smart investor in implementing his strategy. In total Pionex offers a dozen trading bots, each built for a different market and different situation.

Pionex Is a Crypto Exchange With Built-in Automated Trading Tools You Can Trust

The first bot, and also the most popular one, is the Grid Trading Bot. Grid Trading is the strategy that has been used in the forex market and it basically helps traders to buy low and sell high in a specific price range. This bot is very suitable for the highly volatile crypto market as it can help investors to avoid the psychological pitfalls that make all human traders panic sell and fomo buy. The popularity of the Grid Trading Bot on Pionex has made many other leading exchanges try to copy it and offer their own version, but Pionex was the ‘pioneer exchange’ in offering this tool.

To learn how you can use it read Pionex’s recent blog post – The Best Bitcoin Trading Strategy For Newbies in 2021 – or watch the following video guide:

https://www.youtube.com/watch?v=xWT4jwmaRB4?feature=oembed

Get involved and meet the Pionex community on Reddit, Telegram, Twitter and Discord.

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: cryptoliveinsider.com


Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet

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