Nigeria’s Bitcoin Trade Drops By $11.84 Million As Bitcoin Sheds 10.22% In Value

Nigeria’s Bitcoin trade has dropped by $11.84 million in the last month. In August, the country’s Bitcoin trading volume was placed at $44 million and dropped to $32.16 million in September. This data was published by Usefultulips.org. The platform published this report after merging data from two of Nigeria’s most popular peer-to-peer exchange services — Paxful and LocalBitcoins. However, it is believed that the actual trading volume is higher than the figures presented.

The trading volume of Bitcoin fell in September to February levels when it traded at $31.9 million. The overall trading volume for the coin in Nigeria was at $315.76 million in the first nine months of the year.

It is worthy to note that in September, Bitcoin’s global market capitalization fell by 10.22 percent. Per data published by popular crypto platform — Coinmarketcap — Bitcoin’s market capitalization was $918.50 billion on the first day of September, closing at $48.847.03. However, by the end of the month, the coin’s market capitalization fell to $824.62 billion, closing at $43,790.90.

Nevertheless, Bitcoin had a decent outing in September as the coin traded above the $50,000 mark on three occasions. On the 3rd of September, Bitcoin traded at $50,025.37. On the 5th of September, it traded at $51,753.41 and traded at $52.633.24 on September 6th.

It is widely believed that the latest drop in Bitcoin prices was a result of the ban imposed by the Chinese government on the coin. However, the International Monetary Fund (IMF) recently announced that the prices of cryptocurrencies have grown ten folds in the last twelve months.

Per reports from Chainalysis, Europe has received more than $1 trillion worth of cryptocurrency in the past twelve months. As a result, the region has now become the biggest cryptocurrency market globally.

According to the report, twenty-five percent of the global cryptocurrency activities occur in the Central, Northern, and Western regions of Europe.

Chainalysis disclosed that the constant flow of institutional investment and large transaction volumes was responsible for this growth.

“Europe is the topmost cryptocurrency trading partner for every other region we study. Europe sends at least twenty-five percent of the total value received by other regions, including an immense thirty-four percent for North America,” Chainalysis disclosed.