• Nigerians’ investment in Bitcoin grew by over 5% in 2022
  • Due to the FTX collapse Bitcoin dips below $16K

Despite the cryptocurrency losing $562.93 billion in market value in 2022, Nigerians increased their investment in Bitcoin by more than 5%.

The general market capitalization of the cryptocurrency economy lost over $1 trillion in 2022, and crypto exchanges like FTX went out of business. 2022 has been a horrible year for Bitcoin and other cryptocurrencies.

By November 20, 2020, the market capitalization of Bitcoin had decreased from $875.94 billion in December 2021 to $313.01 billion.

Prices dropped from $46,306.45 to $16,291.83 throughout the time period under consideration. According to Paxful, a significant peer-to-peer exchange in the country, Nigerians were unfazed and increased their BTC investment by more than 5%.

The company responded that Nigeria was its largest country in terms of trade volume when RNN asked how much BTC Nigerians had traded.

Looking at 2022/2021 data, trading volume in the nation increased by more than 5% year over year from January through September.

The company previously revealed to The PUNCH that during the first half of 2022, BTC transactions from the country reached over N171.50 billion ($400 million). Additionally, it said that in 2021, Nigerians transacted BTC worth N428.75 billion.

The founder and CEO of Paxful, Ray Youssef, commented on the country’s continuous adoption of BTC by saying, “It is purpose over price. I just got back from a 10-day trip to Nigeria. I had the privilege of speaking at a National Information Technology Development Agency event to discuss how Bitcoin gives Nigerian youths more power.

Due to the FTX collapse Bitcoin dips below $16K

Due to the FTX crash, Bitcoin suffered enormous losses, dropping from nearly $21,000 to a two-year low of $15,500 last week. It attempted to regain ground over the weekend, reaching $17,000 before tumbling below $16,000 on Monday.

On the final day of the week, 69,329 dealers were liquidated for a total of $187 million. On Bitmex, the most significant single liquidation order for $7.05 million was placed.

Fresh information about FTX, Alameda, or Sam Bankman-Fried, the person behind both companies, was the main driver of price movements for bitcoin. Projects directly related to them suffered significantly more, just as they did.

Continue Reading: Due to the FTX collapse Bitcoin dips below $16K

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