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Nigeria tops the list of countries most interested in selling Bitcoin with the maximum score as Bitcoin smashes through its all-time high, according to recent data analysis of Google Trends data.
The top digital currency reached an impressive $73,000 as of Wednesday, March 13, the digital asset market is witnessing a significant shift in investor sentiment. Invezz.com reports that searches for “sell bitcoin” have skyrocketed worldwide by a staggering 376%, with Nigeria being at the top of the list with the maximum score.
Bitcoin’s journey to its new record high has been fueled by various factors, including substantial investments from US finance giants and the approval of spot Bitcoin exchange-traded funds (ETFs) by US regulators. The entrance of institutional investors into the Bitcoin market, coupled with the availability of investment products tied to Bitcoin’s price, has significantly contributed to the recent price surge.
However, despite the optimism surrounding Bitcoin’s latest milestone, experts remain cautious about the cryptocurrency’s volatile nature. The upcoming “halving” event, expected in April, adds another layer of uncertainty to Bitcoin’s future price trajectory. Historically, halving events, which reduce the rate at which new Bitcoins are created, have been accompanied by price surges. However, the impact of this event on Bitcoin’s price remains uncertain, further contributing to market speculation and investor anxiety.
Harsh Vardhan, Chief Editor at Invezz.com, says, “The inflow of major US financial investments and the approval of Bitcoin ETFs highlight institutional confidence, yet the cryptocurrency’s volatility and the upcoming halving event call for caution. This pivotal moment underscores the importance of informed and strategic investment decisions in the ever-evolving digital asset landscape.”