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Nigerians trade N14.76bn bitcoin in one month

Nigerians traded N14.76bn in bitcoin volume in July, according to data analysed from

Useful Tulips aggregates trading volume from LocalBitcoins and Paxful trading platforms. True trading volume is higher as major trading platforms such as Binance are not covered.

The N14.7bn traded is higher than the N14.24bn traded in June, but lower than the N15.8bn traded in May.

The total amount of bitcoin traded in 2021 from Nigeria, according to Useful Tulips, was N98.34bn.

According to Google Trends, Nigeria is the number one nation by search interest for the keyword ‘Bitcoin.’

Peer to peer trading has dominated the bitcoin scene since the Central Bank of Nigeria banned cryptocurrency trading in Nigeria.

According to Useful Tulips, Nigeria ranks behind only the United States as the second largest market for peer-to-peer BTC trading.

According to CoinTelegraph, data from Glassnode have shown that there is a notable surge in the global number of active addresses trading bitcoin.

According to the data, active BTC accounts rose by 30 per cent from 250,000 to 325,000 active users.

The data also revealed that BTC investors accumulated larger volumes of the digital currency in the last weeks of July.

The latest increase in global Bitcoin activity is coming after Tesla Chief Executive Officer, Elon Musk, revealed that his firm SpaceX owns Bitcoin.

Musk added that Tesla was planning to resume crypto payments for vehicle purchases, citing the strides BTC was making on renewable mining measures.

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