Topic: Bitcoin price speculation (BTC/NGN) - page 7. (Read 2236 times)

Charles Tim has just answered your question in a more simplified manner, as both Naira (i.e fiat) and Bitcoin are two independent digital currencies, and taking a look at the chart of NGN/USD and BTC/USD, I was made to notice that the value of Naira started depreciating long before we saw the recent fall in the price of Bitcoin, as the value of Naira to dollar started falling from on 10th July 2023 @ #788/$1 till August 14th, 2023 at #933/$1, before the meeting we heard the president met with the governor of CBN and price got back to normal which today one dollar is been sold at the rate of approx. #850/$1.
Likewise Bitcoin,
I was able to notice that the price of Bitcoin also started falling from 14th August 2023 at $29,303/BTC till 19th August 2023 at $25,885/BTC, due to the rumor about SpaceX/Elon Musk selling it's Bitcoin worth multi millions of dollars. But now, Bitcoin is back revolving around $26k

Naira is affected by Nigeria economy and by what is happening in Nigeria. If Nigerians are demanding more for dollar and continuing to depend on imports, the naira value will continue to reduce which is the problem we have in Nigeria.

But recently, the president had a meeting with CBN president, the CBN president said they will do somethings that will add value to naira which led to the market reaction that makes people to be selling dollar and buy naira which increased naira price from ₦945 back to less than ₦880 to a dollar. What also makes naira value to increase more was the money NNPCL borrowed recently and they are pointing that it would strengthen naira. You know how the market can react to something like this. Or maybe it had direct effect also but which I do not know.

Bitcoin is controlled separately by buyers and sellers. The more the demand the more the price. If people are selling bitcoin than buying it, the price will fall which was what that plummeted its price recently from over ₦28 million to ₦21,894,000 million. But as naira increases in value, this will decrease the price of bitcoin in relation to naira but which may be unnoticeable as bitcoin price plummeted abruptly and significanly with a short time.

The value of naira is decreasing again and has gone up from ₦835 to ₦879 to a dollar as of today.

I said let me ask from experts as am not satisfied with my thoughts. When bitcoin was above 28k,the exchange rate of Naira to USD was around 900+ but now that bitcoin price has dumped to 25+-26+,the exchange rate of Naira fell to 830+ to 840+. Is it that the price of bitcoin is affecting both USD and Naira because I don't know when Naira has become as volatile as this. Or is it because of the inflation that we are experiencing or it is normal that this price flatuation in Naira ? Or bitcoin price controls money either digital or paper.

Bitcoin can not be stable, but sometimes it can become less volatile. Before it fell below $28500 recently, the price has been less volatile within $29000 and $30000.

Do not mind that I used dollar instead of naira for this, because naira was very volatile itself recently as it increased from ₦750 to ₦945 in weeks, back to ₦835 and increasing back again to now ₦880 after the lower bollinger band was gotten to.

Bitcoin was unable to increased to make investors make profit and it can be discouraging at times. Although, no one knows the actual cause of bitcoin price fall, all are just guesses.

It is even like traders are at work with technical analyses after naira fell to ₦835:

Yes, I can also see that on the chart that Bitcoin is managing to gain momentum to increase in price once again after the great fall we all experience which started on the 16th August 2023. Because at the moment of writing this post Bitcoin is currently at $26,033 which is a $100 difference from what you had earlier on today. But however, I just saw that of all the coins that fell in price with Bitcoin, Stellar is the only coin that have manage to gain value again above 4%, as the rest popular coins are still struggling below 2%. And with the look of things, we are still likely to have BTC revolving around $25k, $26k and $27k till this month runs out.

Bitcoin has never been stable, drop and rise in its price happens all time, so i am surprised at analysts who think this current dump is as a result of Bitcoin not being profitable anymore. Well, i have never been interested in the opinion of people who analyse the market in this way, sometimes they just want to spread fud and manipulate the market to their very own advantage.
I wasn't aware of the meeting between the president and the CBN governor until i read your post, though i noticed the appreciation of the Naira against the dollar a few days ago, thus i guess this is part of the reason for that appreciation. The thing is, this appreciation wouldn't last long, i thought the government wanted to establish a unified rate between the official and parallel market, but as we can see that hasn't worked out too well, with the demand for dollar and insufficient reserves, coupled with a struggling economy and zero local production, the Naira will definitely lose more grounds in the coming weeks/months.

Like two days now the price was on $25+k and and today this morning and when I checked the price is going up again. So what I am trying to predict before this month end is that since the market is showing positive sign now it might end well in this month and might reach back to $28k to $29k though the movement of price to go up is always slower than falling down.  In this morning the price is $26,138 with a green color colour and that indicates that the is on the positive position.

But there are times the price will show positive way with the green light but the price would be coming down until the positive sign would changed to red colour again and that is why the price is unpredictable. We can't use the sight to predict bitcoin price but the tools can do that very well but to understand the tools na another wahala.

This morning price and before evening it will still drop again. Below is 1 BTC to Naira
Those who want to buy should prepare because the way the market is coming rapidly, it will still go down below. Or they can still purchase it now because nobody knows the next move in the market.

Everyone president that has served the country liked to make naira valuable more even than the dollar itself but the international forces refused to allow that to happened and the president were even forced to devalue the naira. There are sometimes, the international forces used programmes to lure the Africans leaders to devalue their currencies.
The decrease of bitcoin to naira e dey affect oo. Well it will not long.

In the last four days, bitcoin was almost ₦28 million, but it dropped some hours ago below ₦22 million. Now at  ₦22,872,883. Some analysts think that the reason for the drop is because people see bitcoin (and other cryptocurrencies) not profitable and dump it to move to other assets. Maybe this is or maybe is not correct, we know that as bitcoin drop in price is an opportunity for other people to buy at a lower price.

I can see naira value is increasing after the president met the acting CBN governor and also as NNPCL secures $3bn loan from African Export-Import Bank (AFREXIM). After the President meeting with the CBN governor, people are likely not willing to buy dollar because of what they heard the meeting is about, to find ways naira in the parallel market is drawn back to N750/$1.

The fall of bitcoin, and naira appreciation in the last four days after the the meeting, the value of naira increased against bitcoin. But we all know where this will end to, fiat of a developing nation like Nigeria will depreciate overtime. People will see bitcoin cheaper and able to afford more bitcoin as the price dropped.

It might keep going down especially as the US Federal reserve still maintains a firm stance on interest rate hikes. As of the time of posting, Bitcoin price is $28,565.28. I also heard about the crude oil exchange for money loan NNPC took to help stabilize the naira and honestly I don't see how this is going to work. Presently, $1 to naira in the black market is #870, coming down from #910 it sold at yesterday.

According to what I found out, the President meets the acting CBN governor recently. Black market traders think the meeting is about dropping the black market rate back to the I&E window rate of around ₦750 to $1.

https://www.premiumtimesng.com/news/top-news/616198-just-in-naira-gains-at-parallel-market-as-govt-promises-to-stabilise-rates.html

I think it is just a market reaction that caused it.

But people should still know that naira will still continue to depreciate in value.

As of today making this comment
The price is coming down and there is no sign to rise for now but continues going down.

Ramitano price is not always favorable and that was why I switched to Binance and at least Binance is better than Ramitano. But I heard from the news that NNPCL borrowed money to boost stock exchange and now naira is appreciating against the US dollar.

If people sold at ₦825 on Remitano today, I will advice everyone using the exchange not to use it again. I have used it before and I was discouraged. Naira is not trading at that low price as of today.

I guess the price on Remitano and that of Binance is different, as I can still see it trading currently at 900 on the spot market and 884 on . P2P
I also went ahead and checked the price, which was different from two other centralized exchanges. I do use one once in a while to compare the price . Kucoin is still trading at $886 as of the time of this post, and OKX 879–880: among all that I have checked, it appears that Remitano has the lowest rate.

If naira decreased significantly in value as it happened recently, it would retraced back a little. If you people can remember when dollar first increased from less than ₦500 or so to over ₦870, it retrace back to ₦690 before it increased to ₦730 to ₦750 for a long time before it started to increase again as of now as naira further to depreciate in value. This is normal. Later the price will continue to increase.

The lowest price of USDT/NGN on Binance today has been ₦900.5 and presently at ₦900.9 when I posted this . I do not know how it reduced to that extent on Remitano which is not correlating with the black market price.

I just made a check now on my Remitano app and just saw that the price of dollar to naira have fallen far low the figure you just gave above earlier today, as currently $1 is been traded at #825 on the black market level, which a fall of 10% decrease within it's past 24hrs of yesterday's value of #920 per $1, and with the way the value of Dollar is falling to Naira, we are likely to see it fall back to #750 per $1, which is a welcome development, as the rumor which I heard there will be another increase in the price of petroleum if dollar remains at #900 will be put to a stop

Some people are still waiting for the price to go down before buying so they are waiting now. And I don't think bitcoin will go down again before this year go end. And now that the price is still low as you said, it is the best time to buy and hodle it for the bull market. If someone use #300,000 naira to buy now at least when the bull market go start. The person go enjoy.

In the last 24 hours, the Naira seems to be trying to make some moves toward recovering from its great fall against the dollar. as it has recorded an all-time low of #882 to $1 in the Binance spot market, and it's currently trading in the range of 890 and 901 as of the time of this comment.

But the p2p market appears to be a little lower, as it was down to the level of 870 per dollar as of when I saw it today and is currently trading at #881 and #882.
which leaves the BTC/NGN to be in the range of $26,358,070 and $29,273.73, if calculated using the current spot market, but looking at it from the current price on p2p, it should be in the range of #25,819,429.86 to one BTC.

I am thinking that naira may fall to ₦1000 to a dollar before next year too. The government are not tackling the reason why it is falling which is lack of more production. Let us see when Dangote refinery is fully functional, if this will help.

Because naira is a depreciating asset, that is why it would be good to compare it with bitcoin. Letting us know which one is better to hold.

It depends on individual. I too will not advice holding USD but some people are swing traders and short term holders, if they want to convert part of their bitcoin, they prefer better fiat like USD, Euro or Pounds Sterling. But they are depreciating assets too, but far better than naira.

If you buy with parallel market rate, you will also sell using the parallel market. Nigerians have access to cryptocurrencies with the parallel market rate through P2P.

The CBN rate is not used, I&E rate is used. Only what CBN is doing is to use the average weighted rates in the I&E windows to conclude his own rate in certain period of time.

The primary reason has been that we depend more on imports that exports. If the foundation is bad, it can not be good. This is common in countries that depends more on exports.

A person that will buy and will not panic and sell because of price drop, such person can buy now. Bitcoin is going to over ₦50,000,000 in 2024/2025 is my prediction.

BTC/NGN is trading at #27,105,310 now, as the value of NGN has drop by about -9% against USD because $1 now is about #919 and if NGN continue to devalue, it might get to $1 = #1000 and that will make 1 Bitcoin get to #29,591,590 with current price of $/#. I think for someone who wants to buy, now is still a better chance because sooner than expected BTC/NGN will cross #30,000,000.