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Is There Light At The End of The Tunnel for Crypto Enthusiasts?



Despite ban on crypocurrency, Nigerians trade N92.25m bitcoin on Paxful

Bitcoin price dropping to as low as $38000 from April’s $65000 (Ethereum dropping by 30% and the entire crypto market dropping by 20%), has put a lot of crypto traders in the red zone.


To many, one man has been behind the crypto markets recent rise and fall, the techno king himself (CEO of Space X), Elon Musk.

Mr. Musk  whose Saturday Night Live performance ended the soaring of the mooning coin (Doge coin), which he formerly praised and he even once tweeted “Dogecoin is the people’s crypto.” which raised the value of the coin to 75%, because of the fear of few Doge coin owners keeping the large percentage in circulation to themselves – instead of spending.

Following the volatility of Bitcoin and the environmental impact of mining the cryptocurrency, Mr. Musk said Tesla would not be accepting the cryptocurrency as a payment for the car company. This led to a big reduction in the coin’s value and just yesterday he tweeted Tesla has Diamond hands (referring to the company’s bitcoin reserve valued at $1.5 billion).



Few hours ago, Mr. Musk tweeted again “How much is that Doge in the window?” alongside a picture of the Shiba Inu dog in a dollar bill. Guess, what? You guessed right, prices are soaring once again.

But trading crypto in Nigeria, is still very dangerous following the country’s apex bank ban on financial institutions involving in the market in for security reasons.

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