Crypto News– Crypto traders in Nigeria have been left disgruntled after Binance decided to remove the Nigerian naira from its peer-to-peer (P2P) service. This move coincided with a retracement in Bitcoin’s recent rally, occurring on the same day that Grayscale’s spot Bitcoin exchange-traded fund witnessed outflows of nearly $600 million. Additionally, an investment firm, spearheaded by a prominent Wall Street trader, has expressed interest in shorting Coinbase stock.
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Binance’s decision to drop the naira from its P2P platform comes in response to government allegations that the platform was exacerbating the devaluation of the currency. Presidential adviser Bayo Onanuga voiced concerns that Binance’s actions could potentially destabilize the Nigerian economy, citing its purported manipulation of foreign exchange rates.
The P2P feature, which enables direct trading between buyers and sellers without involving intermediaries, gained popularity in Nigeria in 2021 following the government’s crackdown on the country’s burgeoning crypto industry during former President Muhammadu Buhari‘s administration.
Meanwhile, Bitcoin experienced a decline of over 3% from its 24-hour high, as investors in Grayscale’s spot Bitcoin ETF withdrew a substantial sum of $598.9 million from the fund on February 29th—marking its second-largest net outflow on record.
Bitcoin reached a peak of $63,585 early on February 29th but has since retreated by approximately 3.3% to hover just below $61,500, as reported by Cointelegraph Markets Pro.
Investment Firm Sets Sights on Coinbase Stock
Citron, an investment research firm established by a notable Wall Street short-seller, has turned its attention to Coinbase’s stock following the crypto exchange’s technical glitches amid Bitcoin’s turbulent price fluctuations earlier this week.
In a statement on February 29th, Citron stated, “The recent $COIN site malfunction makes the long Bitcoin/Short Coinbase trade one of the most compelling trades in the crypto market.” The firm further elaborated, “This entails taking a LONG position on bitcoin through an ETF while shorting the inflated Coinbase exchange.”
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