Bitcoin prices have been surging all week amid continued support from a bullish market and renewed sentiment. Reaching within hands reach of yearly high prices leaped massively to $778 earlier this week as international restrictions on fiat money made Bitcoin the ideal asset for many.
“One thing the data does show is that the CNY price has led the USD one: currently $791 vs. $770, a 3% spread, and over the last day often higher. This strongly suggests that, whatever the reason, buying is once again being driven by China.”
Currently the Bull Run has been attributed to a variety of international events. These included the recent withdrawal of support for 500 and 1000 rupee notes in India by the Narendra Modi administration. Forcing many to exchange their notes within the predetermined time period saw huge lines and chaos at banking facilities all over the country.
On another note, China once again was highlighted as a catalyst as it brought many more users to the Bitcoin market that were left financially gridlocked as the government increased efforts to stem the loss of the Yen. Similar to capital controls placed in Nigeria, Bitcoin provided one of the few forms of relief to many looking for Forex.
To conclude, current trade volume across of a range of exchanges indicates significant bullish activity and trading volumes are also healthy sitting at a $55 million mark. Currently there is plenty of headroom and available capital for growth and I would see markets bottoming out at a $750 in the next fortnight. Current markets sentiment does indicate potential for growth so a strong buy signal is suggested for the next 7 days.
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