The platform, operated by Monica Technologies Limited, has spent the last three years building automated crypto to naira conversion infrastructure for users looking to receive direct bank payouts without depending entirely on manual peer to peer coordination.

Its growing usage reflects broader changes within the Nigerian crypto market, where more users are prioritising instant settlement systems and smoother withdrawal experiences amid rising cryptocurrency adoption across the country.

The increasing use of stablecoins for business payments, remote work earnings and cross border transactions has also contributed to stronger demand for platforms offering direct crypto withdrawal Nigeria services.

Within the Lagos crypto ecosystem, Monica Cash is increasingly being mentioned among platforms helping users process faster payouts for BTC, USDT, ETH, BNB, TRX, SOL and USDC transactions.

An analyst familiar with Nigeria’s fintech market said users were gradually moving toward automated conversion systems that reduce delays and transaction coordination issues commonly associated with traditional P2P trading.

“Users now want crypto to naira platforms that can complete bitcoin withdrawals quickly without the delays often associated with manual peer to peer trading. Faster settlement is becoming one of the biggest priorities within Nigeria’s crypto market, and Monica.cash is increasingly becoming part of that shift,” the analyst said.

The analyst added that users within the market are beginning to describe Monica.cash as the best bitcoin app in Nigeria for everyday crypto transactions following conversations and posts about the platform on social media.

Nigeria remains one of Africa’s most active crypto markets despite uncertainty surrounding CBN crypto regulation and oversight of digital asset activities by regulators. Rising inflation, foreign exchange pressure and demand for alternative payment systems have continued pushing Nigerian cryptocurrency adoption higher.

Monica Cash currently supports automated conversion and withdrawal services that allow users to exchange BTC, USDT, ETH, BNB, TRX, SOL and USDC for naira within seconds through direct payout systems linked to local bank accounts.

“We are focused on making crypto to naira transactions easier for users who want direct withdrawals, smoother settlements and less dependence on manual peer to peer systems,” a Monica Cash spokesperson said.

Some users within Nigeria’s crypto community also pointed to the Monica.cash app’s zero fee crypto in Nigeria model for selected transactions as one of the reasons it has continued gaining visibility among traders and freelancers seeking quicker crypto cashout in Nigeria services.

The broader shift toward faster crypto to naira conversion systems is continuing to reshape how many Nigerian users handle bitcoin withdrawals, stablecoin settlements and digital asset payouts across the country.

That is where passive-income strategies come in. For many users, the goal is not to chase the highest possible return, but to find a balance between yield, flexibility, and simplicity.

Why idle crypto matters

A lot of crypto investors are not active day traders. They may hold BTC, ETH, or stablecoins while waiting for a better entry, a stronger market trend, or a future use case. During that waiting period, the real issue is efficiency: idle assets stay exposed to market conditions, but they do not generate additional return.

For beginners especially, that creates a practical need. The ideal solution is usually not “more trading,” but a lower-maintenance way to keep assets productive while preserving access when needed.

What passive income from crypto really means

In simple terms, crypto passive income means putting assets into a product or strategy that generates returns without requiring constant buying and selling.

The appeal is obvious: instead of trying to time the market every day, users can let idle balances work in the background.

But not all passive-income options are equally suitable for everyone. Some products lock funds for a fixed period, some expose users to more market or platform risk, and some require a much deeper understanding of how rewards are generated. For most readers, the right starting point is not the most aggressive option, but the one that matches their liquidity needs and risk tolerance.

What to look for in a beginner-friendly solution

Before choosing any crypto savings product, three questions matter most:

• Can I redeem funds when I need them?
• Is the reward mechanism easy to understand?
• Does this fit assets I already plan to hold?

Those questions matter more than flashy headline yields. A product that is flexible, clear, and easy to manage is often more useful than one that promises more but comes with extra restrictions or complexity.

Why flexible savings stands out

One common approach is flexible crypto savings. CoinEx’s explainer describes flexible crypto savings as a wealth-management model that allows users to earn interest on idle holdings without committing to a long lock-up period, and notes that users can subscribe and redeem assets at any time.

That feature changes the use case significantly. Instead of having to choose between “do nothing” and “actively trade,” users get a middle-ground option: keep assets available, but still let them generate yield in the meantime.

CoinEx’s blog also contrasts this with spot trading, explaining that spot trading focuses on buying and selling at market prices, while flexible savings focuses on earning passive income on idle assets without requiring active trading decisions.

A simple use case: CoinEx Flexible Savings

Imagine a user holding USDT while waiting for a market pullback, or keeping BTC and ETH in reserve for the medium term. In that situation, the assets may sit unused for days or weeks. Flexible savings is designed for exactly that kind of idle balance.

Users can place assets such as USDT, USDC, BTC, or ETH into Flexible Savings so the holdings can generate interest instead of remaining unused. That makes the product concept most relevant for long-term holders, cautious investors, and users who want to preserve optionality rather than lock capital away for a fixed term.

CoinEx Flexible Savings

CoinEx presents CoinEx Flexible Savings as a principal-protected wealth management product with instant subscription and redemption, designed to help users earn on idle assets while keeping funds accessible.

According to CoinEx’s official product page, interest begins accruing from the next full hour after subscription and is calculated hourly. It also states that rewards are credited daily, while redeemed assets are returned immediately to the user’s Spot account and stop earning interest once redeemed.

How the process works in practice

The appeal of flexible savings is that the workflow is usually straightforward. CoinEx’s help guide says users can log in, go to the Earn section, and enter Flexible Savings from there.

From that point, the typical process is to choose a supported asset, review the displayed APY, subscribe an amount, and let the balance begin accruing rewards under the platform’s current rules.

For readers, the important part is not the button-clicking itself, but what the structure offers: low operational friction, visible rules, and day-to-day liquidity. That combination is often what makes flexible savings more approachable than more complex yield products.

What readers should still check carefully

Even when a product is positioned as flexible and easier to use, that does not mean users should ignore the details. CoinEx’s product page shows that interest is based on the platform’s displayed APY and calculation rules, so users should always check the live product information before subscribing.

In practical terms, readers should pay attention to:

• Whether the asset is one they already intend to hold
• Whether the current APY is attractive enough for the trade-off
• Whether they may need immediate liquidity soon
• Whether they are comfortable keeping funds on the platform

Those checks are what turn a passive-income idea into a sensible portfolio decision.

A more useful way to think about idle assets

For many people, the question is not “How do I maximize yield at all costs?” It is “How do I avoid letting part of my portfolio sit completely idle?” That is a more realistic and sustainable starting point.

Viewed that way, flexible savings is less about speculation and more about capital efficiency. And for readers who want a relatively simple way to make dormant balances work without committing to constant trading, it can be a practical option to evaluate.

According to Coinglass data, a staggering 176,752 traders found themselves liquidated within the last 24 hours. Now you are beginning to understand why #BitcoinCrash is trending on X (formerly Twitter).

This casts doubts on Finder’s BTC price predictions that Bitcoin is set to peak at $42K this year.

As #BitcoinCrash trends, the cumulative value of these liquidations has reached an estimated $1 billion. This is the biggest liquidation in the last eight months.

As of the time of my writing, Coinmarketcap data reveals that BTC is currently hovering slightly above $26,000.

Etherium, also known as ETH, has followed suit with a decline of over 6%, settling at a trading price of $1,663. Reflecting market sentiment, the Fear and Greed Index on Coinmarketcap stands at 37%, it serves as a gauge for market sentiment.

Over the past day, the global crypto market capitalization has encountered a sharp drop of over 6%, now resting at $1.05 trillion.

The dynamics of this shift have significantly impacted other cryptocurrencies, including XRP, Solana, Litecoin, Bitcoin Cash, and Chainlink.

These assets, influenced by the dominant force of BTC in the market, also suffered substantial losses in the span of 24 hours.

Various sources have put forth diverse narratives regarding this market selloff. A prevailing perspective, highlighted by a Wall Street Journal report, asserts that Elon Musk’s SpaceX marked down the value of its BTC holdings by $373 million and reportedly executed undisclosed sales.

Additionally, reports suggest that the crypto market downturn might have been initiated by derivative traders liquidating substantial sums of options and futures contracts.

Options offer the traders the leverage to sell and buy at specific time and price. Futures on the other hand, allows the holder to puchase only at predetermined rate at a specific time.

Prolonged depreciation of an asset often prompts derivative traders to offload their positions. This scenario could likely explain BTC’s downward trajectory over the past few weeks.

Another angle to consider is the limited influx of impactful news within the crypto sphere. News developments exert a notable influence on crypto trade volumes.

The initial enthusiasm sparked by the prominent investment firm BlackRock’s application for a Spot Bitcoin ETF, a product designed to mirror actual Bitcoin prices, seems to have waned. The US Security and Exchange Commision (SEC) do not seem to be in a hurry to approve this investment vehicle.

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A transition state is characterised by choppy market conditions where the price consolidates in a tight range before trending in either direction. Despite an influx of new market entrants, the sustainability of this phenomena of both rapidly growing non-zero balances and tight range-trading for Bitcoin remains uncertain.

According to Glassnode data, the number of Bitcoin wallets holding a non-zero BTC balance has surged to a new record of 45.388 million in the past week.

This is the fastest rate at which the Bitcoin network has added non-zero wallet addresses since early 2021.

The increase in the number of wallets with a non-zero balance is a positive development for the Bitcoin price, as it suggests that more investors are entering the Bitcoin market or, put simply, that demand is growing. This metric is often used as a proxy for Bitcoin demand from new and smaller investors.

However, key on-chain metrics, such as Bitcoin Network statistics, suggest potential market weakness. Bitcoin network statistics are metrics that allow us to gauge the increase or decrease in activity for on-chain transactions for the blockchain.

The seven-day moving average of the number of active addresses interacting with the Bitcoin network on a daily basis recently fell to its lowest level since late January

Over the past two weeks, the number of daily transactions on the Bitcoin network has also dropped sharply. The seven-day moving average of this metric recorded 293,058 transactions on March 30th, down by over 13 percent since March 8th.

The number of daily confirmed transactions highlights the value of the Bitcoin network as a way to transfer funds without a third party securely. While this is an inconclusive indicator in terms of bullish or bearish signals, daily activity and transactions decreasing for Bitcoin have always occurred at transitionary phases in the crypto market. They suggest indecision and an unsettling predicament for both bulls and bears.

BTC and Ether Options Open Interest Hit ATH on CME

As Q1 2023 concludes, open interest and trading activity for BTC and Ether options markets on the CME have continued to accelerate, with both contracts reaching a new all-time high open interest of 15,089 contracts combined on March 27th.

Amid the current banking crisis and a recent rally in Bitcoin prices, the volume of Bitcoin options and the open interest on the Chicago Mercantile Exchange (CME) have both reached unprecedented levels.

Open interest on the CME recorded a 67 percent increase in March since the start of 2023 to $1.3 billion. Similarly, Bitcoin options volumes experienced a significant increase, surging to $1.67 billion in March from $832 million in February. Notably, the previous all-time high for Bitcoin options volume was $1.1 billion in January.

Total Bitcoin options volume across all exchanges is also close to its all-time high at $32.17 billion for the month of March.

Bitcoin options are a popular choice for investors who wish to hedge against or speculate on price fluctuations. As Bitcoin options are considered to be a more sophisticated asset class, they are commonly traded by professional trading desks and institutional investors, which make up a significant proportion of the overall trading volumes in the options market.

The recent surge in Bitcoin options volumes may indicate that institutional trading activity is on the rise. Another indicator of increased institutional involvement is the recent spike in open interest for Bitcoin options.

BTC Correlation with the S&P 500 is on Track to be Restored

Investors have been speculating if Bitcoin is more prone to macro headwinds now that its correlation with the S&P 500 index and the NASDAQ composite is increasing. Bitcoin’s correlation metric with the S&P 500 fell below zero earlier in March.

Any correlation below zero means that it is negatively correlated with Bitcoin. So an upward move by the S&P500 would see a downward move in Bitcoin.

In recent weeks however, with the BTC price remaining relatively stable above $27,000 and $28,000 levels, the Pearson correlation metric has risen to 0.61 for the NASDAQ composite and 0.12 for the S&P 500, indicating more positive correlation with these equity indices.

Despite concerns about Bitcoin’s vulnerability to macroeconomic headwinds, it ended the quarter with its best performance since Q1 2021.

In March, Bitcoin has also benefited from reduced liquidity, which allows for upward price movements to be more pronounced.

According to analysts at Kaiko, liquidity has hit a 10-month low, with market makers losing access to USD payment rails due to the ongoing regional banking crisis in the US.

Another factor contributing to the upward trajectory of Bitcoin in March has been the treatment of the asset, by some market participants, as a safe haven in times of banking crises.

As stablecoins like USDC falter, Bitcoin has seen significant inflows, causing its dominance (i.e., the ratio of Bitcoin’s market capitalisation to that of the entire crypto market) to reach its highest level since June of last year.

Low Liquidity in Crypto Market Raises Concerns as Wider Market Impact Looms

As liquidity in the cryptocurrency market tightens, concerns arise regarding its potential impact on the broader financial landscape. We urge caution as low liquidity could exacerbate price volatility and hinder market stability.

The market depth for Bitcoin has reached concerning levels. Current liquidity in the Bitcoin market has reached a 10-month low, even lower than after the collapse of FTX.

At the time of the FTX/Alameda downfall, there was a large drop in liquidity which was dubbed “the Alameda Gap” due to the absence of one of the industry’s most prominent market makers. That gap is still yet to be filled, and with the recent banking issues, liquidity has taken another hit.

The spread on exchanges, which is the difference between the best bid and the best ask of popular crypto assets, is another way to gauge market liquidity. The USD versus USDt pairs also indicate that the recent banking issues have resulted in more volatile USD spreads, which went from two basis points (bps) to four bps following the shutdown of Silvergate.

Similarly, as we saw with market depth, the USD-linked exchanges and USD pairs experienced declining liquidity as the logistical concerns surrounding the shutdown of fiat payment rails became evident.

The longer it takes to establish a viable alternative to the Silvergate Exchange Network or Signet networks, the more volatility we can expect to see in spreads and depth as market makers confront new operational challenges and withdraw liquidity from exchanges until they can obtain more clarity.

Apart from the banking issues, Binance also announced that it would end the zero-fee program for BTC trading pairs.

The impact of this development on market liquidity cannot be underestimated; The zero-fee program enabled Binance to gain over 20 percent in market share since July, with over 61 percent of volumes coming from zero-fee pairs.

The adjustment in spreads was evident as the previously volatile BTC spreads on Binance, due to a lack of taker fee, decreased substantially once a fee was reintroduced, bringing BTC spreads lower than ETH spreads.

Tighter spreads reduce the profitability of market makers to provide liquidity on a given pair. With the reintroduction of a taker fee, investors are disinclined to pay a higher spread.

This has resulted in a significant depletion of liquidity from the BTC-USDt pair on Binance, with market makers seeking more profitable markets on other exchanges and pairs. Overnight, the liquidity of the BTC-USDt pair on Binance plummeted by 70 percent.

As a result of this low liquidity, volatility metrics are starting to pick up. The Crypto Volatility Index (CVI) has reached its highest level since the second week of January 2023.

In conclusion, this reiterates our lower timeframe stance that the market is indecisive right now.

Volatility in either direction is probable despite the strong uptrend in the crypto market since the start of 2023.

However, most metrics caution against over-leveraging or a heightened risk appetite during a transition period in the crypto market. This does not imply that the current bullish trend is reversing yet, or that our long-term outlook of being at the latter stages of a bear market is invalidated.

The following is the content of the interview :

Explosive head otaku + white knight

“Fortune” described SBF as a friendly, rambunctious, explosive otaku interested in LOL (League of Legends) and fidget spinners. The above characteristics make him look nothing like the most powerful person in the crypto industry. However, under the appearance of an otaku, SBF founded the most successful quantitative trading company Alameda Research and crypto derivatives trading platform FTX.

In addition to being a crypto billionaire (worth about $11.5 billion), SBF has recently acquired a new identity: the white knight of the crypto industry, rescuing some crypto startups from liquidation.

Liquidation is positive; BTC could fall further

SBF admitted that although the bear market was predicted, it did not expect to be liquidated on a large scale, nor did it expect it to be so bad. Nonetheless, he believes two-thirds of the crypto market has fallen so much because of the global economy, and the other third is a problem with the crypto market itself.

“The worst is over, of course; there may be other liquidations, but not as bad as before. I think this bear market is a healthy reshuffle for the crypto industry. People may rethink asset valuations. It will also become more down-to-earth.”

While it feels the worst is over, SBF sees the overall economy as the more significant variable.

He estimated that if the Nasdaq fell 25% and the Federal Reserve raised interest rates to 7%, the world could experience a recession of about two-and-a-half years.

If it does happen, Bitcoin could drop even further. Also, there could be a new round of liquidations.

Greedy when others are fearful?

As we all know, SBF has recently invested in many troubled companies, such as BlockFi and Voyager Digital. For these investments, Fortune believes this is the practice of Warren Buffett’s famous saying: I am greedy when others are fearful.

SBF also explained his strategy for acquiring shares.

The first consideration is whether the users of those companies can get their assets back and whether the transaction can prevent serial liquidations. The last question is whether FTX can have some “good feedback” in these transactions.

“Our job isn’t to make amazing acquisitions, the logic here is to make some reasonable deals, even ones that are kind of bad but we can afford.”

An unnamed senior industry source told Fortune that SBF’s generosity had given him many things, including a lot of debt.

In addition to hoping that the future will be what the unnamed person said, SBF also explained the reason for being so generous: trust.

Lack of trust is a huge transaction cost, a lesson that SBF has learned when starting in business.

“A big part of that is trust.

In the past, when I was trading, I didn’t want to worry about whether the other party would play me behind my back in 20 ways that I didn’t expect. If there’s a lack of trust between the two sides, the deal won’t work, right? “

Therefore, SBF will set a standard in these acquisitions, cooperate reasonably, and show the other party that FTX does not want to make small moves behind the scenes.

“Think about things from a mutually beneficial perspective, and then we can start thinking about how to share the cake.”

Atypical crypto hero

The crypto community usually likes to embrace heroes like Satoshi Nakamoto or Changpeng Zhao, founder of Binance.

Although SBF seems to be becoming an object of worship in the crypto community, he has done some things that the hero of the currency circle (original Crypto bro) will not do, such as donating political donations to Biden in the 2020 election.

Fortune commented that SBF is now the leader of the crypto community, but it may also provoke dissatisfaction among some crypto believers.

Compared with those heroes in the currency circle who entered the blockchain industry for the reasons of “changing the world” and “destroying the government”, SBF joined the currency circle purely to see the opportunity to make money. And altruism is about making as much money as possible to give back to society.

Fortune believes that SBF is different from many people in the crypto community. They do not have luxury consumption such as yachts, sports cars, and parties. Instead, they pledge to donate most of their wealth because they believe in altruism.

“I would say this: I will do the right thing for people who genuinely believe in this industry. I believe in blockchain because this technology is beneficial and can make the world a better place in concrete ways.

I think I’m an example of a group of people who believe in the industry, even if they see it from a different angle. “

Will the worldview of the crypto community lead to a more chaotic world?

The next question is a bit serious and a bit philosophical.

Fortune believes that the world is on fire right now, with the rise of authoritarianism, the climate crisis, etc., so some form of collectivism is needed at this time; that is, everyone needs to consider the interests of the whole and make the right decisions. Overall favourable decision.

But the crypto community happens to be self-interest-oriented, liberal and individualistic.

Fortune posed a question: Is it possible that the rise of cryptocurrencies could lead to a decline in civic order?

SBF thinks this question is a bit strange. He believes that either collectivism or individualism can resist authoritarianism. Collectivism will consider the group’s best interests and resist tyranny, while the individuality represented by cryptocurrency inherently hates authoritarianism, which also resists authoritarianism in a certain way.

SBF believes that many of the world’s problems now come from dominating and trampling other groups, which the crypto community hates. But at the same time, we must also engage and face the world’s problems together.

“You have to get involved, and cryptocurrencies may be the answer to some of the problems, but not all of them. It’s unlikely that a single tool will solve all the problems.”

Can Bitcoin reach $100,000 in two years?

At the request of Fortune, SBF finally analysed the future prices of Bitcoin and Ethereum.

SBF believes that Eth is difficult to predict and will be more volatile with the upcoming merger , but he can’t be sure in which direction.

Bitcoin is more predictable than Ethereum, but only if the general economy doesn’t get worse.

SBF believes that Bitcoin will gradually recover from the significant liquidation, and the end of the liquidation is a big plus.

In addition, the regulatory structure of Bitcoin has gradually become clear, which is a bullish external shock. So if there is more bullishness in regulation next year, then with luck, Bitcoin can hit $100,000.

“Regulation is an external shock, and it’s bullish for Bitcoin, so if there’s a significant regulatory bullish next year, with luck, we could see $100,000 next year. But you know, it’s hard to predict.

But if you told me that bitcoin might reach $35,000 next year, I would think there was a chance.”

Today 6DOT50 has added XRP, the 8th largest crypto by market cap, as another way for crypto users to access 6DOT50.

XRP crypto holders may now use their XRP value to buy Digital Rands and enjoy spending at over 80 000 stores and online retailers.

With more than R500 000 crypto payments processed during December 2021 alone, merchants accepting 6DOT50 payments are benefiting from this previously untapped value store.

“We are obviously delighted with the exponential growth in crypto transaction values and the positive feedback we have received from our crypto users.

The addition of XRP, as a new way to access our transactional services solution, is another step closer to making crypto as acceptable as bank card payments across our merchant network,” says Warren Venter, founder at 6DOT50.

6DOT50 offers cryptocurrency enthusiasts the largest crypto to merchant network in South Africa. By accepting BTC, ETH, DASH, BCH, XRP, and LTC as payment options for Digital Rands and enabling merchants to access this untapped store of value, this Stellenbosch based start-up is bridging the gap between the crypto world and the fiat world and making it possible to #LIVEONCRYPTO.

More about 6DOT50:

6DOT50 DIGITAL RANDS are an easy way for users to store money, instantly send and receive money and pay for goods and services without the need to own a bank account.

The account holders may buy or receive DIGITAL RANDS and exchange their value for products and services that are available through more than 80 000 stores and online retailers.