Nigeria Ranked Among Highest Bitcoin Volume Providers Despite CBN Restrictions

Cryptocurrency exchange Paxful recently reported that Nigerians ranked among the highest in Bitcoin (BTC) trading over the last seven months. This was despite the existing restrictions by the Central Bank of Nigeria on crypto transactions within the country and falling prices.

In its report dated June 20, 2022, Paxful revealed that crypto transaction volume by Nigerians via its network doubled between October 2021 and May 2022.

An excerpt from the report read, “Paxful, the leading global peer-to-peer (P2P) fintech platform, announced that weekly transactions on the Lightning Network have increased tremendously,” adding that “In Nigeria, the volume of money being sent out on Lightning has doubled from October 2021 to May 2022.”

The exchange also revealed that its global deposit volume has increased five-fold since it launched integration on the Lightning Network in late Q3 2021. Paxful after that its global deposit volume increased by 54% in April.

Commenting on the findings, Paxful founder and CEO Ray Youssef explained that Nigeria produced one of the highest Bitcoin trading volumes in the first week of May this year. Youssef noted:

“In the first week of May, Nigeria was one of the countries with the highest Bitcoin trade volume on Paxful alongside the United States, Ghana, China, and Kenya. Today, we have over 70 countries using Lightning on Paxful.”

Key Bitcoin Levels to Watch — June 21

Bitcoin maintained a mild upward momentum over the past 48 hours as the flagship cryptocurrency breached the $21,000 resistance. The cryptocurrency also defied the overbought indication on the stochastic tool, pushing for some more bullish recovery.

As highlighted on my 4-hour chart, Bitcoin’s bullish momentum is accentuated by a short-term trend line, which should provide support for the cryptocurrency to $23,000. However, the $23,000 top, bolstered by the 100-day EMA, might prove a tough nut to crack and could send BTC spiraling towards $20,000 again.

It is worth mentioning that the overall bias remains significantly bearish, making it advisable to consider any upward move under $26,000 a mere bullish reversal until otherwise is proven.

Meanwhile, my resistance levels are at $22,000, $23,000, and $24,000, and my key support levels are at $20,000, $19,000, and $18,000.

Total Market Capitalization: $932.8 billion

Bitcoin Market Capitalization: $404.9 billion

Bitcoin Dominance: 43.3%

Market Rank: #1