Quote from: Doan9269 on Today at 01:07:00 PM

Quote from: MorganaX on January 25, 2024, 08:08:13 PM

But the question I could love to ask is bitcoin and dollar related or does increase in dollar affects bitcoin rates

Let's try to expatiate it, there's difference between dollar a d bitcoin first , the united state dollars is fiat and bitcoin is a cryptocurrency which is a digital decentralized coin, if the dollar is being affected either positively or negatively, we are going to see it's effects only on naira, exchange rate of naira to USD will either rise or fall, same as well if the Nigerian economy is getting better or worse, our own local currency is what gets affected the most, while the whole of this has nothing to do with the bitcoin market price to rise or fall for any reason because they are entirely different currencies, system and network.

Your emphasis on the disparity between Bitcoin and dollar is very valid.
While dollar, Naira are all fiat currencies and the price is based on the rate of exchange at the moment, Bitcoin is a digital decentralized currency on its own.

The only time BTC and Naira or dollar get to clash or intersect, is when one is either buying a crypto/BTC asset like the BTC ETF or one is converting their crypto/BTC holdings to the local fiat for withdrawal or payments.

At then, the price of the local fiat one intends to deal with, which is the Naira in this instance, will be adversely affected by the exchange rate of dollar to Naira.