• Bitcoin Premium is trading at $38,000 in Nigeria due to increased demand for the asset in the country.
• The price of bitcoin (BTC) in Nigeria has significantly increased beyond the global market valuation amid growing demand for the asset among citizens in the West African country.
• The development comes as demand for the leading digital asset has continued to increase in Nigeria due to the government’s decision to impose limits on banks and ATM cash withdrawals in the country.

As the world continues to grapple with the economic challenges brought about by the coronavirus pandemic, Nigeria is increasingly turning to bitcoin as a means of preserving wealth and hedging against inflation. As a result of the growing demand for the asset, the premium for bitcoin in the country has now exceeded 60%, with the price of the asset currently trading at $38,005 on the leading Nigerian cryptocurrency exchange NairaEX.

The surge in demand for bitcoin in Nigeria has been driven by a number of factors. Firstly, the Nigerian government has imposed limits on cash withdrawals from banks and ATMs, making it difficult for citizens to access their money. As a result, many have turned to bitcoin as a more reliable and accessible option for preserving their wealth. In addition, the country has recently seen a surge in inflation, with the consumer price index (CPI) rising to 17.33% in December 2020, the highest level since 2016. This has further boosted demand for bitcoin as a hedge against inflation.

Moreover, the Nigerian economy has been hit hard by the pandemic, with the country’s GDP contracting by 3.62% in the last quarter of 2020, the largest contraction since the first quarter of 2017. This has prompted many to seek alternatives to the traditional banking system, further increasing demand for bitcoin in the country.

The surge in demand for bitcoin in Nigeria has also been aided by the increasing adoption of cryptocurrency by businesses in the country. Businesses in Nigeria are increasingly embracing cryptocurrency as a means of payment and settlement of transactions. This has opened up a new market for bitcoin and other digital assets, and has further contributed to the premium price of bitcoin in the country.

As demand for bitcoin in Nigeria continues to increase, it is likely that the premium price of the asset in the country will remain high in the short term. However, the long-term future of bitcoin in the country will depend on the government’s stance towards cryptocurrency and its ability to regulate the sector effectively.

• South Africa’s Advertising Regulatory Board (ARB) has introduced new cryptocurrency-focused rules into the nation’s advertising code to protect consumers from misleading advertising.
• The new guidelines aim to ensure that cryptocurrency advertisements accurately state the risks involved with all cryptocurrency investments, making it clear to consumers that they stand to lose their capital due to market volatility.
• The ARB has also stated that crypto advertisements must prominently display the name and contact details of the issuer or sponsor of the cryptocurrency.

South Africa’s Advertising Regulatory Board (ARB) has taken action to protect crypto investors from misleading advertising. On January 23, the ARB introduced new cryptocurrency-focused rules into the nation’s advertising code, in order to ensure that consumers are not misled into investing in crypto assets.

The new regulations require that all cryptocurrency advertisements must accurately state the risks involved with all cryptocurrency investments, making it clear to consumers that they stand to lose their capital due to market volatility. In addition, the ARB has also stated that crypto advertisements must prominently display the name and contact details of the issuer or sponsor of the cryptocurrency.

The ARB has taken this action in response to the growing prevalence of false or misleading crypto advertising claims in South Africa. Such claims include promises of guaranteed returns, claims of low risk, and other false promises which are not backed by evidence. Such claims can be extremely damaging to consumers, who can be fooled into investing large amounts of money in crypto assets without fully understanding the risks.

The new guidelines from the ARB are designed to make sure that crypto investors are fully aware of the risks of investing in digital assets, and that they can easily identify the issuer of the asset. This will ensure that investors are able to make informed decisions about their investments, and that they are able to seek redress if necessary.

In addition to the new advertising guidelines, the ARB has also created a cryptocurrency education portal, in order to provide consumers with a reliable source of information about the risks associated with investing in digital assets. The portal will provide information about different types of crypto assets, as well as advice on how to identify fraudulent or misleading offers.

The ARB believes that these measures will help protect consumers from being misled into investing in crypto assets, while also providing them with the tools they need to make informed decisions. The ARB is also encouraging consumers to research any potential investments thoroughly, and to be aware of the risks involved.

• XRP broke above the 50-day moving average, initiating a rally toward the next critical resistance level at $0.4.
• The rally came to a halt after reaching the 100-day moving average, and the price is now attempting to surpass it.
• Technical analysis suggests that a minor drop might occur if the price fails to break above the 100-day moving average.

After four straight weeks of price fluctuation with extremely low volatility, XRP finally initiated a rally and broke above the 50-day moving average. This resulted in a surge in the price of XRP, and it eventually reached the critical resistance level of $0.4. This level is considered to be the next major milestone for the cryptocurrency, as it has not been able to break past it for several months.

However, the uptrend came to a halt after reaching the 100-day moving average, and the price of XRP is now attempting to surpass this point. This resistance level is proving to be difficult to break as the bulls have been unable to push the price past it. If they are successful, the next target for XRP will be the 200-day moving average, which is located at the $0.5 mark.

Technical analysis of the daily chart of XRP suggests that a minor drop might occur if the price fails to break above the 100-day moving average. If this happens, XRP could fall back to the 50-day moving average. If the bulls are able to hold this point and the price does not fall below it, the cryptocurrency could attempt to break past the 100-day moving average again.

The overall market sentiment for XRP is still positive, and the long-term outlook for the cryptocurrency remains optimistic. If the bulls are able to break past the 100-day moving average, XRP could potentially reach the $0.5 mark in the near future. Moreover, there are also rumors that Ripple is set to announce a major partnership soon, which could provide an additional boost to the price of XRP.

• The US Labor Department announced that the inflation numbers (CPI) for the last month of 2022 are at 6.5% YoY and the core CPI increase at 5.7%.
• This is the highest December jump in over 40 years and caused bitcoin to react with a sudden move that took it south by a few hundred dollars.
• All eyes were on the US Labor Department coming into Thursday as most experts predicted that the inflation numbers would be around 6%.

The US Labor Department just announced the inflation numbers (CPI) for the last month of 2022, which clock in at 6.5% YoY and a core CPI increase at 5.7%. This is the highest December jump in over 40 years, and the news was met with a drastic reaction from the cryptocurrency market.

Bitcoin reacted with a sudden move that took it south by a few hundred dollars, which is a direct result of the inflation numbers that were announced. All eyes were on the US Labor Department coming into Thursday as most experts predicted that the inflation numbers would be around 6%. The actual figures announced by the US government are precisely the same – a YoY increase of 6.5% for the general CPI and a 5.7% rise in the core CPI (excluding food and energy).

When it comes to the effects of this CPI news on the cryptocurrency market, Bitcoin has already experienced a sharp drop of several hundred dollars. As the US inflation rate continues to rise, this could have a long term effect on the cryptocurrency market, which could lead to further drops in Bitcoin prices.

At the same time, the US Dollar Index (DXY) has also been affected by the news, as it dropped by 0.2%, while the 10-year Treasury yield rose to 1.12%. This is indicative of the fact that the inflation news has had a ripple effect across different markets, as investors are now concerned about the potential effects of rising inflation on the US economy.

It remains to be seen how the cryptocurrency market will react to the news in the long run, but it is clear that this inflation news has made a significant impact on the market, with Bitcoin being one of the most affected. As the US inflation rate continues to rise, it is likely that the cryptocurrency market will experience further volatility.

• Building Blocks Event for Web3 Startups will be hosted in Tel Aviv, Israel on February 7th, 2023.
• The one-day event will bring together Ethereum developers and communities for workshops, panel discussions, and informal events.
• Collider, Fireblocks, and MarketAcross, in conjunction with StarkWare, will be guiding delegates through the art of creating successful web3 businesses.

On February 7th, 2023, the top companies in Tel Aviv will be hosting Building Blocks 23 – a web3 builder-focused event. Building Blocks 23 is part of ETH TLV, a series of workshops, panel discussions, and informal events across Tel Aviv that will bring together Ethereum developers and communities from around the world. Collider, Fireblocks, and MarketAcross have joined forces with StarkWare to offer a unique opportunity to learn how to create a successful web3 business.

The one-day event will provide attendees with the chance to attend several workshops and panel discussions that will cover the fundamentals of the web3 space and how to get involved in the Ethereum ecosystem. Attendees will also have the opportunity to network with like-minded individuals and industry leaders, as well as gain insight into the latest developments in the industry.

At the event, Collider, Fireblocks, and MarketAcross will be offering guidance on the creation of successful web3 businesses. They will also be providing mentorship and support throughout the day, helping attendees gain a better understanding of the web3 landscape and the opportunities available. Furthermore, StarkWare will be providing exclusive insights into the technical aspects of web3 development and the various use cases available.

Building Blocks 23 provides a great opportunity for Ethereum developers and communities to come together, gain knowledge, and network with industry experts. Through the event, attendees can learn the fundamentals of web3 and understand how to take advantage of the opportunities available. Additionally, the event offers the chance to gain insights into the latest developments in the industry and discover the potential of the Ethereum ecosystem.

• Cointelegraph has launched an accelerator program for innovative Web3 startups.
• The program aims to help Web3 startups increase their media presence, community growth, and brand awareness.
• Investment into Web3 projects has skyrocketed to $30 billion in 2021 and is projected to reach $36 billion in 2022.

Cointelegraph, the world leader in digital assets, metaverse, and emerging technologies media, has launched an accelerator program for innovative Web3 startups. This ambitious program has been designed to help these startups increase their media presence, community growth, and brand awareness in exchange for project tokens.

The Web3 space is growing rapidly, with new startups emerging daily. Investment into Web3 projects has skyrocketed to $30 billion in 2021 alone, and is projected to reach $36 billion in 2022. While many of these startups have great ideas and a strong value proposition to bring to the space, the competition is tough and there is a lack of trust from the broader audience.

Cointelegraph’s accelerator program aims to bridge this trust gap. The program will provide mentorship, guidance, and support to Web3 startups, allowing them to build a stronger presence in the space. Through the program, startups will gain access to Cointelegraph’s extensive network of industry experts, influencers, and media outlets. They will also receive targeted promotion and marketing strategies to help them reach their goals faster.

The program will include a variety of activities, such as exclusive interviews, feature stories, and even investor outreach. Startups will also have the opportunity to attend Cointelegraph’s high-profile events, such as its annual Crypto Economy Conference, which is attended by leading industry influencers and investors.

In addition to the above, Cointelegraph will provide guidance and assistance to the startups in their fundraising efforts. It will also advise startups on how to build strong relationships with the community and potential investors, and offer insights and tips on how to ensure their projects reach the global market.

Cointelegraph is committed to helping Web3 startups reach their potential and contribute to the growth of the industry. Through its accelerator program, Cointelegraph will provide the necessary support and resources to help startups become successful and accelerate their growth.