Why is Bitcoin $86K in Nigeria? Here’s why the BTC premium is huge in some countries

Since the start of 2021, Bitcoin (BTC) price has been chasing new highs on a weekly and daily basis. On Feb. 21, BTC reached a new all-time high at $58,300. However, an interesting phenomenon is that even with many global cryptocurrency exchanges in existence, BTC’s price can still vary greatly depending on geography. This raises an intriguing question. How can Bitcoin price simultaneously trade at $53,047 in Malaysia, $49,727 in Singapore, $51,133 in India, and over $86,000 in Nigeria? Is the reason simply a temporary imbalance between buyers and sellers,…

Top Traders Debate Future of BTC After Bitcoin Price Drops to $8.6K

The price of Bitcoin (BTC) suddenly dropped from $10,000 to $8,600 on BitMEX as nearly $140 million worth of long contracts were liquidated. The pullback came merely 16 hours after BTC surged to $10,473, testing the dreaded $10,500 resistance level. Bitcoin typically sees a heightened level of volatility when it approaches key dates. Crucial periods in the cryptocurrency market include CME futures expirations and the closure of a weekly or monthly candle. The 14% price plunge, which happened within merely five minutes, occurred without any futures or options expiration dates…

After BTC Visits $8.6K, Crypto Traders Predict Bitcoin Price’s Next Stop

The price of Bitcoin (BTC) dropped to as low as $8,600 on May 25 as retail investors on Coinbase led an abrupt short-term downtrend. The price has since fluctuated between $8,800 and $9,200, demonstrating high volatility in a tight range. Bitcoin is currently at a decisive point where it could fall back below the $8,000 support level and retest lows in the $6,000–$7,000 range or break above $10,500 and initiate a new bull cycle. Top crypto traders remain mixed on the current trend of Bitcoin. Some believe BTC is heading…

Spike in BTC Exchange Inflow Preceded Bitcoin Price Correction to $8.6K

On May 24, the price of Bitcoin (BTC) dropped to $8,800 from $9,300. In the next 24 hours, it declined to as low as $8,600, leaving the top ranked digital asset on CoinMarketCap at risk of a bigger pullback. The initial drop of Bitcoin below $9,000 coincided with a massive inflow of BTC into exchanges and Bitcoin on-chain data indicates key players were selling over the weekend. According to data, miners, exchanges and retail investors may have led to the decline in the price of Bitcoin over the past three…