According to the latest news, Bitcoin price reached $80,000 in Nigeria. Notably, cryptocurrency trading has resumed growing in Nigeria, although its Central Bank imposed the ban. The Central Bank of Nigeria had earlier issued a circular warning financial institutions against allowing Bitcoin transactions. According to the statistics, the largest cryptocurrency in the world currently trades 52% above the global price in Nigeria.
While the global price stands north of $52,000, Bitcoin is currently trading over $78,000 in Nigeria. It also seems to be increasing exponentially. Significantly, about two days ago, it was just 36% above the global market price.
The price difference in Nigeria is suggestive of the grown peer-to-peer trading activity.
Peer-to-peer trading is taking center stage in Nigeria after its Central Bank ordered financial institutions to close accounts involved in crypto trading. Furthermore, the apex bank also warned banks and other financial institutions to stop facilitating cryptocurrency-related transactions. Banks discontinued their connections with crypto exchanges, while other fintech companies halted related services in compliance with the circular.
But, the ban has done little to nothing to impede the increase of the world’s second-largest P2P crypto market. Volumes on peer-to-peer trading platforms are rising.
Moreover, PancakeSwap cryptocurrency, which backs the namesake decentralized exchange (DEX), has boosted by 44% over the hours and reached $11.77. The rise was driven by DEX’s significant increase in trading volume, which stands at $1.06 billion, as per CoinGecko data.
Meanwhile, PancakeSwap is second among all DEX projects as it has a market share of 23.4% as per CoinGecko. Uniswap has the largest market share of 30.1%.
The total value locked in the DeFi project rose to $2.728 billion, as per its website.
PancakeSwap, a project of an anonymous team, is based on the Binance Smart Chain.
Binance Coin, the Binance ecosystem’s cryptocurrency, also traded 45.7% higher over 24 hours to $190.07.
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