Technical Analysis:
BITCOIN gave us MSS on 4H time frame. We can target 57000 zone for now and if price also closes above 57000 then we might also look to target above liquidity.
Fundamentals:
Industry observers agree that Nigeria’s approach to regulating cryptocurrency transactions has been somewhat unclear and inconsistent despite emerging as one of the world’s major crypto markets.
In early 2021, the Central Bank of Nigeria (CBN) placed a blanket ban on crypto by prohibiting all financial institutions from servicing crypto exchanges in the country. One year later, the Nigerian SEC published a regulatory framework targeting crypto exchanges.
In late 2023, the CBN officially lifted the ban on transacting in cryptocurrencies but subsequently pushed new regulations that aim to restrict peer-to-peer crypto exchange using the national currency, the Nigerian naira, in May 2024.
Global exchanges like Binance have also faced action from Nigerian regulators.
Despite Binance announcing its exit from Nigeria in March 2024, local law enforcement did not release its executives, including Binance’s head of financial crime compliance, Tigran Gambaryan.
Gambaryan has been detained for over six months since his arrest in February as he awaits the court’s decision on bail, which is expected in October.
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