A large number of Nigerians are looking to “sell bitcoin,” according to a recent Google Search Trends survey.
According to the data, the number of people searching for “sell bitcoin” has increased by an astounding 376% worldwide. Nigeria is ranked first on the list.
The licensing of spot Bitcoin Exchange-Traded Funds by US authorities has propelled Bitcoin to its new all-time high. According to the research, the current price spike in Bitcoin can be attributed to two main factors: the entry of institutional investors into the market and the availability of investment products that are linked to the price of Bitcoin.
Experts are nonetheless wary of Bitcoin’s volatility despite the excitement around its most recent milestone. The anticipated “halving” occurrence in April raises even more doubts about the direction that Bitcoin’s price will go in the future. Price increases have often coincided with Bitcoin halving events, which lower the pace at which new coins are minted. Nevertheless, it is still unclear how this incident will affect Bitcoin’s price, which fuels investor fear and market conjecture.
Leading international cryptocurrency exchange Binance declared last week that it will no longer be providing any services in Nigeria using the Nigerian naira, the country’s fiat currency. Due to regulatory disagreements with the Nigerian government, which accused the cryptocurrency platform of continuing to manipulate the FX market and being involved in the illegal movement of funds, the platform was forced to stop providing its services in Nigeria.
Before March 8, customers removed their NGN, traded NGN assets, and converted their NGN holdings into cryptocurrencies, according to an official statement from Binance.
It further stated that users’ Binance accounts would immediately switch any leftover NGN holdings into the Tether USDT stablecoin.
The corporation faces a $10 billion penalty from the authorities. The cryptocurrency exchange, however, has denied knowing about this punishment.
