Nigerians have been warned by the Nigeria Deposit Insurance Corporation (NDIC) before using cryptocurrencies because the Central Bank of Nigeria (CBN) does not recognize them as a legal currency, according to the local Business Post Nigeria magazine.This is not the first cryptocurrency warning because various government agencies in Nigeria warned citizens about a new form of money.

Adikwu Igoche, director of research at NDIC, said digital currencies are not authorized by CBN and therefore not insured by NDIC. During an interview with the Nigerian press agency (NAN) at the 29th International Trade Fair of Enugu on Friday, Igoche said that since digital currencies are not supported by any physical commodity, such as gold or precious stones, they do not belong to the currency category or coins issued by CNB or the central bank of any other country. Igoche claims that Nigerian citizens should only use financial institutions that are insured by NDIC labeled in their physical location. He also added that NDIC has a booth at the fair to help the Nigerians know what to do if their bank was closed.

Last October Nigerian government was actively cooperating with several organizations dealing with Blockchain technology and startups to develop technology in this country.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The current Elliott wave scenario assumes the top of the wave (1) had been established at the level of $9,134, so there is an ongoing correction in wave (2) at the moment. This corrective cycle is very close to complete because there is only one more wave missing, sub-wave c. It should complete at the level of $7,996 and the price should bounce impulsively higher from this level. Otherwise, the market might re-visit the technical support at the level of $7,269.