Bitcoin crashes 20% below peak amidst declining trade volume in Nigeria

The decentralised digital market is on a decline path as major cryptocurrency assets including Bitcoin and Ethereum lost ground amid falling trades in Nigeria.

Bitcoin, according to Coindesk, has crashed by 8 percent to $54,177 during the week.

But it currently sells for $54,322.84 per coin with its market capitalisation settling at $1.03 trillion.

The most popular crypto has plunged 20 percent below its all-time-high of $68,990.90 with just four days to the end of the month.

READ ALSO: Bitcoin adoption in Nigeria falls 53.3% amid declining inflation

Ethereum on its part fell by 11 percent on Friday to sell for $4,027, reflecting the depreciating mood of the global cryptocurrency market since the beginning of second half of this year.

In Nigeria, Bitcoin crashed by 53.3 percent amid clampdown by the Central Bank of Nigeria (CBN) and double-digit inflation in the last seven months.

The volume of trade fell from 5 million recorded in October to 2.8 million in the first week of November.

At the beginning of the third quarter, the volume of trading in Bitcoin was 6 million.

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