Bitcoin price crashes to $95,000

The cryptocurrency market experienced sharp declines after the United States Federal Reserve announced a 25-basis point rate cut.

Bitcoin’s price dropped from its record high of $108,267 to a multi-day low of $95,000 within 36 hours.

Amid this turmoil, Paper-hand traders are rushing to sell their assets while the experienced ones are taking advantage of the dip to increase their portfolios.

Bitcoin price drops after Federal Reserve announces rate cut 

Bitcoin experienced a sharp decline after the Federal Reserve cut interest rates by 25 basis points for the third time this year.

• The announcement led to Bitcoin’s price falling to a multi-day low of $95,000, marking a $13,000 drop within 36 hours.
• This pullback followed a recent record high of $108,268 earlier in the week.
• Federal Reserve Chair Jerome Powell suggested the central bank may halt further rate reductions due to recent Consumer Price Index (CPI) data.

“Today was a closer call, but we decided it was the right move,” Powell said during a press conference. While rate cuts typically benefit cryptocurrencies due to their risky asset status, this decision appears to have introduced caution among buyers. 

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Crypto analysts predict that Bitcoin could face increased volatility in the short term. On-chain data reveals selling pressure has eased since November, but caution remains high. Buyers are closely monitoring Bitcoin’s support levels, particularly around the $100,000 mark, with potential resistance seen at $110,000 in the coming weeks.

Some buyers anticipate a “Santa Rally” a term used to describe the Bullish performance of bitcoin during the Christmas holidays. Historical data on this notion has given mixed outcomes.

In previous halving years, Bitcoin often surged during Christmas week, with price moves of 11% to 25% recorded in 2017, 2020, and 2024.

However, analysts warn that current market conditions, including macroeconomic uncertainty and a cautious Fed, could dampen such expectations.

United States Bitcoin strategic reserve in doubts  

Aside from the federal rate cuts announced by Powell. He also mentioned that the Central Bank is not allowed to hold Bitcoin unless approved by Congress.

• This statement cast shadows of doubt on the proposed Bitcoin reserve by Donald Trump during his campaign days.
• The President-Elect last week confirmed that his administration hopes to set up a strategic Bitcoin reserve and pilot the dominance of the US in the Global crypto space.
• The FOMC chairman’s speech about the Central Bank not being able to hold Bitcoin cast doubts on the proposed Goal by the Donald Trump administration.

Bitcoin price crashes to $95,000

Dangote reduces petrol price to ₦899.50/litre

Dangote Petroleum Refinery has slashed the  price of its petrol t to ₦899.50 per litre.

Making this known in a statement on Thursday was Anthony Chiejina, Chief Branding and Communications Officer of the Dangote Group.

He said, “Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on November 24, has now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period.”

Adding, Chiejina said, “In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.”

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“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

The statement said  the refinery was committed to making sure Nigerians have access to premium quality petroleum products that are competitively priced which are also environmentally and engine friendly.

Dangote reduces petrol price to ₦899.50/litre

Nigeria Customs declares zero import tariff on cooking gas, CNG equipment

The Nigeria Customs Service has announced the removal of import duties on imported cooking gas otherwise known as Liquefied Petroleum Gas, as well as all imported equipment and spare parts related to Compress Natural Gas as incentives for their adoption.

This was contained in a statement issued on Wednesday by the National Public Relations Officer of the NCS, Chief Superintendent Abdullah Maiwada.

The materials and products include equipment and spare parts related to LPG and conversion kits for CNG.

Maiwada noted that the incentives were approved in order to help reduce the cost of living and boost Nigeria’s transition to clean energy sources.

He added that the incentives were in line with President Bola Tinubu’s Presidential Gas for Growth Initiative.

The statement read: “In alignment with President Bola Ahmed Tinubu GCFR’s commitment to enhancing Nigeria’s investment climate and increasing domestic gas utilisation, the Nigeria Customs Service (NCS) announces the implementation of fiscal incentives under the Presidential Gas for Growth Initiative.

“Pursuant to Part 1, Section 5 of the Customs and Excise Tariff Act, machinery, equipment, and spare parts imported for Nigerian gas utilisation are now subject to a zero percent (0%) import duty rate. This exemption encompasses all equipment related to Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG imported into Nigeria.

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“In addition, the following items are now zero-rated for Value Added Tax (VAT): feed gas for all processed gas, Compressed Natural Gas, imported Liquefied Petroleum Gas, CNG equipment components, conversion and installation services, LPG equipment components, conversion and installation services, and all equipment and infrastructure related to the expansion of CNG, LPG, and the Presidential CNG Initiative, including conversion kits.

“Furthermore, the importation of LPG under HS Codes 2711.12.00.00, 2711.13.00.00, and 2711.19.00.00 are exempted from both Import Duty and VAT.” 

He explained that importers seeking to benefit from these incentives must obtain an Import Duty Exemption Certificate (IDEC) from the Federal Ministry of Finance and a letter of support from the Office of the Special Adviser to the President on Energy.

“Consequently, all Debit Notes issued to petroleum marketers who have imported LPG using these codes from August 26, 2019, to date will be withdrawn by the NCS in line with previous approvals,” the statement added.

The NCS assured that it was committed to the effective implementation of these incentives and urged all stakeholders to ensure strict and prompt compliance.

Nigeria Customs declares zero import tariff on cooking gas, CNG equipment