Bitcoin price speculation (BTC/NGN), and USD.

[Charles-Tim]

Good news that the CBN rate has been removed from noncustodial wallets and exchanges' naira exchange rate as CBN do not determine the Investors and Exporters rate again. It was frustrating before, but I have seen it changed and more correlate to the parallel market rate.

This thread is about BTC/NGN price speculation. No altcoin should be included. USD can be included. I noticed we are discussing BTC/USD also.

Most or all of us here are using the parallel (black) market rate to exchange naira to bitcoin or bitcoin to naira. Because of this, we are going to use naira exchange rate in the parallel market. We are not using CBN rate, neither are we using Investors and Exporters rate. But this may change with time if there is any need to change it to I&E rate.

We can make short term or long term speculation. But we know how long term speculations are more accurate if compared with short term speculations.

We should not take the speculation on this thread as an information to be used for investment. This thread would likely be helpful, but research more before investing in bitcoin. Do not post on this thread if you have nothing good to speculate about. I will not make this thread to be self-modetrated, but any spam will be reported and most likely would be deleted by a moderator.

We are using the Parallel market rate. If you are not using the parallel market rate, specify the one that you use.

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[CryptoHeadlineNews]

Good news that the CBN rate has been removed from noncustodial wallets and exchanges' naira exchange rate as CBN do not determine the Investors and Exporters rate again. It was frustrating before, but I have seen it changed and more correlate to the parallel market rate.

Yeah.. Its a good news to have a parallel value for Naira/Dollar on all platforms without conflicting interest, because moreover that CBN rate that was on exchange & wallets was useless in the sense that it can't be used to buy coins due to limitations placed on both Visa and master cards, of which black market was the only option to the common man. Moreover, I saw that Binance started using the black market rate on it's spot trading like 5days ago, and same as "Trust wallet" whose value per dollar started falling gradually from on the 15th of June at #610/$1 to this day at #816/$1 on Trust wallet. As you can see below in the images.

[EarnOnVictor]

This is a good and valuable topic coming to the Naija board, and as a trader and investor, I like to read and participate in something like this, especially as it's paired with our NGN.

But first, I need clarity on whether this topic is about making the economic and technical analysis or a mere page where we can just post/quote the BTC/NGN price daily/regularly.

Besides, there is something I would like to also point out. It would have been better if you used the I&E window for this to make it looks more official. This is because I've never seen reliable BTC/NGN pricing charts that are sourced from the parallel market.

It has to be an I&E window, and all the charts to sort the speculation can't state otherwise.

[Charles-Tim]

Moreover, I saw that Binance started using the black market rate on it's spot trading like 5days ago, and same as "Trust wallet" whose value per dollar started falling gradually from on the 15th of June at #610/$1 to this day at #816/$1 on Trust wallet. As you can see below in the images.

With BitPay, I can set it on Electrum too, but still of lower rate, at ₦752 to a dollar. I do not know what cause it but it has also changed from CBN rate.


upload image to website

But first, I need clarity on whether this topic is about making the economic and technical analysis or a mere page where we can just post/quote the BTC/NGN price daily/regularly.

Technical analyses, fundamental analyses, news, statistical analyses and all possible things that can have effect on bitcoin price can be on this thread. But it would be good to let the discussion to be what would correlate more to bitcoin holding instead of trading.

Besides, there is something I would like to also point out. It would have been better if you used the I&E window for this to make it looks more official. This is because I've never seen reliable BTC/NGN pricing charts that are sourced from the parallel market.

It has to be an I&E window, and all the charts to sort the speculation can't state otherwise.

I have thought about this several times, they both almost even have similar price as at now. I think this will not cause confusion. I will edit it to I&E rate. But let us see what other people will post about this.

[Wiwo]

Technical analyses, fundamental analyses, news, statistical analyses and all possible things that can have effect on bitcoin price can be on this thread. But it would be good to let the discussion to be what would correlate more to bitcoin holding instead of trading.

Are you being sarcastic right now with this statement,  because we all know that none of the offers mentioned economic tools really have effects on Bitcoin price,  both on the long-term or short-term speculation,  bitcoin has its own price dynamics that have proven to have voided all other statistical analyses and this is what has made bitcoin price unpredictable.

I welcome this thread as a discussion thread just like Bitcoin speculations on the wall observer thread,  but this one is for our local board and the currency of speculation is ₦‎ vs BTC.

But even at that,  ₦‎ vs BTC price speculation may not yield much response from the local board members since most people will not be able to make a post since they may lack what contribution to make in this regard because bitcoin to naira price speculation analyses tools may be hard for most newbies unless they will just read others comments that are if we work to keep the thread/discussion active.

[Mate2237]

This is good for the bitcoin users in the country. And also  users of bitcoin always use the parallel market for exchanging bitcoin to naira or the otherwise.

And if we tok about BTC and NGN speculation, and since the CBN has removed their rate from the exchange market  the price might favourable, because the parallel market is always a preferable one to the CBN, Investors, and Exporters exchanges rate. I believe when when BTC price goes up  again to 60k$ again, the naira will also be appreciated to the owners of BTC  more it is now.

And the CBN policy change again, everything will be back again but I don't think the CBN will restructured the exchange to the previous rate again because it might also affect their market.

[BIT-BENDER]

Great news mate I just had to check some of my exchanges but I am yet to see any changes or correction, does it mean that the new decision hasn't yet been Carried out?

And correct me if I am wrong you mean that we would not be using black market price in the market, and now we would ve using the CBN market rate with is lower than the market rate and in my opinion is wrong compared to the black market price. I think this is a downgrade and I would rather prefer selling with the Black market rate.

[Charles-Tim]

Great news mate I just had to check some of my exchanges but I am yet to see any changes or correction, does it mean that the new decision hasn't yet been Carried out?

Which exchange that you checked and nothing has changed? It has changed on the exchanges and the wallets that I checked recently.

And correct me if I am wrong you mean that we would not be using black market price in the market, and now we would ve using the CBN market rate with is lower than the market rate and in my opinion is wrong compared to the black market price. I think this is a downgrade and I would rather prefer selling with the Black market rate.

We can not use the CBN annoying rate, it has gone up but because of the high volatility and the weighted average in the I&E window, the price CBN listed is still low.

Either we use the parallel market rate or the I&E rate. But with time, the CBN rate will increase if the volatility in the I&E window become reduced, unlike as it went up from ₦461 to over ₦750.

Edit:
I have just checked the CBN rate just now:

https://www.cbn.gov.ng/rates/exchratebycurrency.asp

The CBN rate has been updated to ₦753. Which means the volatility in the I&E window has decreased. But we can not use the CBN rate because it takes the weighted average of the I&E rate. So, what is more correct is the precent price on I&E window.

So either we use the I&E rate or the parallel market rate. I was first suggesting the parallel market rate just because it is what we are using yet as CBN ban cryptocurrencies in Nigeria. But if CBN support it, we have no option than to use the I&E rate. Changing it won't be of any issue because I&E rate and parallel market rate looks similar.

[Doan9269]

Good news that the CBN rate has been removed from noncustodial wallets and exchanges' naira exchange rate as CBN do not determine the Investors and Exporters rate again. It was frustrating before, but I have seen it changed and more correlate to the parallel market rate.

The exchange rate is something not to write about because the news has always carried the fake aspect of it saying the naira is rising over the USD which is always wrong in many situations if you research it, now that the CBN rate is removed from exchanges and everyone has their independent opportunity to sell at their own personal approved rate, government will make more money from this because the people that get a subsidized exchange rate for USD directly from banks will no longer have this same opportunity anymore and everyone can have this free access of buying through banks but at the generalized market price which is pretty high.

[Charles-Tim]

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high. This happened after a United States Federal District Judge ruled that XRP is not a security. The United States SEC lawsuit against Ripple Labs has been since 2020. As yesterday favoured Ripple Lab, people buy cryptocurrencies and they increased in price.

[Zaguru12]

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high.

Yeah bitcoin at 25 million plus after having more than 2% increase in the last 24 hours but aside the XRP FOMO and the current reports of big financial institutions moving towards bitcoin ETF, I think the bitcoin to Naira is also greatly affected by the fact that the Naira is down against the dollar. The Naira is trading above 815 against the dollar which also increases the price of bitcoin. So far so good the I and E setting the market hasn’t helped the Naira against the other currencies but with time we shall see

This is a great initiative to have our own local speculation board (+1).

[Zanab247]

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high. This happened after a United States Federal District Judge ruled that XRP is not a security. The United States SEC lawsuit against Ripple Labs has been since 2020. As yesterday favoured Ripple Lab, people buy cryptocurrencies and they increased in price.

The new moved of BTC really renew some holder mind not to sell their BTC than to buy more and, continue holding till d price hit #40,000,000 before dey can sell. But d price of BTC was #24,275,000 over some days before d price increase to #25,751,000, i don't think it bcos of d united state SEC lawsuit against Ripple lab that made d price to increase higher yesterday.

[DaNNy001]

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high. This happened after a United States Federal District Judge ruled that XRP is not a security. The United States SEC lawsuit against Ripple Labs has been since 2020. As yesterday favoured Ripple Lab, people buy cryptocurrencies and they increased in price.

The new moved of BTC really renew some holder mind not to sell their BTC than to buy more and, continue holding till d price hit #40,000,000 before dey can sell. But d price of BTC was #24,275,000 over some days before d price increase to #25,751,000, i don't think it bcos of d united state SEC lawsuit against Ripple lab that made d price to increase higher yesterday.

Well from my studies here, I fit talk say this sudden push up of BTC price is actually normally looking at how close we are to the halving and if you dey follow up correctly you go know say the halving always follows the bull season or the other way round. So if anybody wey get small coins for their portfolio fit say them wan sell na dem sabi cuz na actually him money but if you have vision of what's coming you actually hodl well and forget this small price shoot because the major bomb dey come wey go make you smile well.

[Doan9269]

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high. This happened after a United States Federal District Judge ruled that XRP is not a security. The United States SEC lawsuit against Ripple Labs has been since 2020. As yesterday favoured Ripple Lab, people buy cryptocurrencies and they increased in price.

The new moved of BTC really renew some holder mind not to sell their BTC than to buy more and, continue holding till d price hit #40,000,000 before dey can sell. But d price of BTC was #24,275,000 over some days before d price increase to #25,751,000, i don't think it bcos of d united state SEC lawsuit against Ripple lab that made d price to increase higher yesterday.

This is just a tip of an iceberg and we should expect more coming sooner from the bitcoin market as we are planning on getting out of the dip market before the end of this year, and what the next year rate may get to is what remains unpredictable and we cannot say precisely the rate it will to high but will definitely surge, we don't know as well how long it may take to reach the #40m worth of market price but as being mentioned already that one should keep holding even though not all of us eventually will end up holding for this long.

[Charles-Tim]

I think the bitcoin to Naira is also greatly affected by the fact that the Naira is down against the dollar. The Naira is trading above 815 against the dollar which also increases the price of bitcoin. So far so good the I and E setting the market hasn’t helped the Naira against the other currencies but with time we shall see

Let us just consider naira because you hold bitcoin and the gain would be the same until you convert back.

But d price of BTC was #24,275,000 over some days before d price increase to #25,751,000, i don't think it bcos of d united state SEC lawsuit against Ripple lab that made d price to increase higher yesterday.

After Ripple Labs won the case, the price of cryptocurrencies began to increase. According to what I saw, Ripple increased in price the most while other coins too increased in price. But if you want to prove me wrong, you have to come with what you think caused the bull run.

Well from my studies here, I fit talk say this sudden push up of BTC price is actually normally looking at how close we are to the halving and if you dey follow up correctly you go know say the halving always follows the bull season or the other way round. So if anybody wey get small coins for their portfolio fit say them wan sell na dem sabi cuz na actually him money but if you have vision of what's coming you actually hodl well and forget this small price shoot because the major bomb dey come wey go make you smile well.

We are not still very close to halving. Halving still would take 9 months from now before it occurs.

This is just a tip of an iceberg and we should expect more coming sooner from the bitcoin market as we are planning on getting out of the dip market before the end of this year, and what the next year rate may get to is what remains unpredictable and we cannot say precisely the rate it will to high but will definitely surge, we don't know as well how long it may take to reach the #40m worth of market price but as being mentioned already that one should keep holding even though not all of us eventually will end up holding for this long.

I think bitcoin would be more than ₦40,000,000 by 2024/2025.

[nelson4lov]

I think bitcoin would be more than ₦40,000,000 by 2024/2025.

Given the halving effect next year and the ETF by Blackrock that would most likely be approved, I'm sure it would reach that amount and possibly more. This is going to be a major price run-up in recent years.

Bitcoin price increased from ₦24,275,000 to ₦25,751,000 yesterday and reached above the year-to-date high. This happened after a United States Federal District Judge ruled that XRP is not a security. The United States SEC lawsuit against Ripple Labs has been since 2020. As yesterday favoured Ripple Lab, people buy cryptocurrencies and they increased in price.

That price was short lived because the XRP victory news only lasted for so long.

[Nwada001]

BTC/NGN is currently trading at 25,030,082 as of the time of this post which the high value in NGN is as a result of the Naira falling against the dollar which it's rate has gotten to #842 to $1. If this continues will might see 1 Bitcoin to 40,000,000 sooner than we expect as a result of our Naira being devalued over the dollar.

[Charles-Tim]

BTC/NGN is currently trading at 25,030,082 as of the time of this post which the high value in NGN is as a result of the Naira falling against the dollar which it's rate has gotten to #842 to $1. If this continues will might see 1 Bitcoin to 40,000,000 sooner than we expect as a result of our Naira being devalued over the dollar.

That is true, naira has been more devalued. Holding naira is just a loss for many people. It is not worth it at all. But I see bitcoin at $25,251,000.

Bitcoin is at $29990 as I posted this, naira at 841 to a dollar.

$29990 multiply by $841 fines ₦25,251,580.

[Nwada001]

BTC/NGN is currently trading at 25,030,082 as of the time of this post which the high value in NGN is as a result of the Naira falling against the dollar which it's rate has gotten to #842 to $1. If this continues will might see 1 Bitcoin to 40,000,000 sooner than we expect as a result of our Naira being devalued over the dollar.

That is true, naira has been more devalued. Holding naira is just a loss for many people. It is not worth it at all. But I see bitcoin at $25,251,000.

Bitcoin is at $29990 as I posted this, naira at 841 to a dollar.

$29990 multiply by $841 fines ₦25,251,580.

Nah say my brain dy pain me abi watin, cuz I remember say I been don see diz reply earlier diz morning, same reply but some part don loss 😏 and the post no dy show like watin dem edit.


I don't know how long we should be updating the price if it's every 24hrs or every price change, be that as it may the current BTC/NGN is #25,640,595 with dollar rate at #855 per Dollar multiply by the current rate which is $29,989

[Charles-Tim]

I don't know how long we should be updating the price if it's every 24hrs or every price change, be that as it may the current BTC/NGN is #25,640,595 with dollar rate at #855 per Dollar multiply by the current rate which is $29,989

Anytime there is a significant price difference like what you updated yesterday as naira got more devaluation. Also if bitcoin price moved significantly. But this thread is more about what could lead to rise in the price too or what caused rise in the price of bitcoin, just like naira devaluation, bitcoin ETF, halving etc. It is not compulsory we have to update it daily if there is no good information to add.