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Crypto enthusiasts exchanged a total value of N1.9 billion via USDT-naira pair on Binance 24 hours after the government’s clampdown on leading digital currency exchange.
USDT is a stable coin pegged on dollar value and used as a measure of the value of other cryptocurrencies globally. Whereas many substitute its value for dollars, it is more like an imaginary dollar.
But digital currency traders believe it is backed by dollars, hence its value is taken as given, with thousands of Nigerian youths betting on its value daily.
Data sourced from Tradesanta also revealed that the volatility rate of naira on Binance had spiked in the past three days 6.5 per cent as at press time.
The trading figure increased drastically from N1.35 billion turnover recorded 24 hours before the platform…
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