The Bitcoin market stumbled on Friday, sending shock waves among many investors who lost their investment to the crypto community’s negative reaction to government’s policies across the world.
This recent decline in bitcoin value is experienced by various digital currencies, causing liquidations among various cryptocurrency exchanges, with reports stating that $715 million worth of cryptoassets owned by 185,480 traders liquidated.
Long position crypto holders are exiting the market, resulting to Binance exchange recording liquidation of $173 million, the most among exchanges, while Okez, which trade in Asia saw $170 million liquidated.
This followed the worth of bitcoin depreciating to $37,728.86 in the last 24hours, against its previous value of $43,488.27 – representing a decline of -13.2%, wiping off $5,759.41.
While Ethereum was down -16% during the same period, to sell for $2,734.72, against previous high of $3,257.55 reported on Thursday – erasing over $500 from the asset’s cost.
United States, Russia, China, Nigeria crypto policies affecting market
Bitcoin and Ethereum’s decline path is the same story for other altcoins in the cryptocurrency market, as majority of them are responding negatively to the United States’ decision to raise yields rate and regulate some sessions of the market.
Aside from the U.S, China has also been doubling down on its clampdown on the crytoassets, banning crypto mining, to wipe off its control of two-thirds of all Bitcoin mining, before shutting down trading exchanges.
Russia is also weighing the option of restricting cryptocurrency trading from the country, believing that the digital currency is a threat against the Ruble and its control over monetary policy.
In Nigeria, the Central Bank has used its power over financial institutions to restrict trading of cryptocurrency after losing a court case to enforce its ban directive.
This has seen trading significantly diminish by 53.3%, from about six million beginning of Q3 2021 to two million in early November 2021.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...