Crypto This Week: Bitcoin Price Surges to Over $38,000 in This Country, What’s Driving It?

What Happened in the Crypto Industry & NOBI During the Past Week?

Hi NOBI’s! Positive sentiment has continued to flock into the crypto market during the last week. From the launch of Cardano’s stablecoin Djed to the surprising phenomena of the Bitcoin price in Nigeria hitting the $38,000 mark. Furthermore, after five years of hiding, the mystery of the Crypto Queen’s existence began to unravel. Where is she now? We recap what’s been happening in the crypto industry during the past week!

1. Bitcoin Price Surges to Over $38,000 in This Country, What’s Driving It?

The price of Bitcoin (BTC) in Nigeria has successfully surpassed the global price level, causing a societal uproar. This incredible record was accomplished amidst the country’s efforts to limit people’s ability to withdraw money. Shortly after the Nigerian government introduced the regulation, as reported by Cointelegraph (30/1/23), the price of one Bitcoin in Nigeria hit $38,000.

According to data provided by NairaEx, the price of 1 Bitcoin at that time was around 17.8 million Nigerian naira or around $38,760.9. When compared to the current Bitcoin price on CoinGecko which reaches US $ 23,653.01. This means that the BTC price in Nigeria is 60% higher than the rest of the world. The reason for this discrepancy is the official naira-to-US dollar exchange rate used for calculations. Local media pointed out that the official foreign exchange rates listed by the Central Bank of Nigeria (CBN) do not reflect the actual USD prices available to Nigerian citizens.

2. Cardano Stablecoin Djed TVL Hits $10M in 24 Hours, ADA Up 4%!

Cardano’s stablecoin named Djed which was developed by Global Input Output (IOG) and COTI Network officially launched the mainnet within the Cardano ecosystem on Tuesday, January 31, 2023. COTI Network has also shared this announcement in a blog post. Interestingly, the overcollateralized stablecoin Djed’s total value locked (TVL) managed to break the $10 million mark during the first 24 hours of its launch, according to DeFilama data. On the other hand, the native Cardano ADA token has also been lucky thanks to the launch of this stablecoin. Evidently, ADA has increased by up to 4% in the last 24 hours since the launch of the asset.

3. Missing ‘Crypto Queen’ Resurfaces after 5 Years in Hiding

The female figure that the FBI and Europol are most looking for, Ruja Ignatova or who is also known as the Queen of Crypto, has returned to the surface. Previously, the 42-year-old woman from Bulgaria became a fugitive on charges of running the OneCoin cryptocurrency scam.

He was declared a fugitive and disappeared on October 25, 2017, which then as of June 2022 his name has been added to the FBI’s 10 most wanted list. Even so, recently his traces have reappeared and are being investigated by the authorities. Launching from the New York Post, he managed to get back on track with the authorities after he sold a penthouse apartment in Kensington, London-England.

4. Bitcoin and Ethereum Adoption Surged 27% in 2022 Despite Crypto Winter

Despite the fact that the crypto market was still reeling in crypto winter during 2022, it turns out that the adoption of crypto assets last year recorded an increase. The increase indicator is seen from the number of Bitcoin (Bitcoin) and Ethereum (ETH) wallets that are experiencing growth. According to a CoinGecko report, the number of Bitcoin and Ethereum addresses with at least $1,000 or around IDR 14 million grew by more than 27%, even when crypto prices are dismal in 2022.

Even though during 2022, some of the biggest crypto asset prices or big caps have lost more than half their value amidst the bear market period. The price of BTC alone has fallen 64.2% over the year, from $46,320 on January 1, to $16,604 on December 31, 2022. Meanwhile, ETH experienced a slightly higher decline of 67.5%, from $3,686 to $1,199 over the same period.

5. BPS Will Use Blockchain Technology for Population Data Processing

The Central Bureau of Statistics (BPS) has made it clear that it is committed to employing blockchain technology to manage population data, which makes it even more sophisticated. Later, the population data will be added to the Regsosek data portal for social and economic registration.

Margo also outlined the platform’s role in the bureaucratic transformation involving the use of statistical data generated by BPS as the foundation for establishing government policies when discussing this innovation. The National Working Meeting of the Proud Kencana Program and the Acceleration of Stunting Reduction in 2023, which was held on January 25, 2023, is where President of the Republic of Indonesia Joko Widodo allegedly gave his directions.

That wraps up for Crypto This Week. We’ll see you at the next one!

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