Connect with us


Bitcoin investors in Nigeria, others lose $59.9bn as value of crypto coin drops by 6.48%



Bitcoin is catalyst for change, US SEC nominee disagrees with CBN

Bitcoin investors in Nigeria and other countries across the world suffered a huge loss on Monday as the value of the most popular cryptocurrency dropped by 6.48 percent within 24 hours.

Ripples Nigeria gathered that price of the crypto coin dropped between $31,744.99 and $36,119.80 during the period.

However, the price continued to hover below $40,000 per coin.

Analysis of coindesk Bitcoin index showed that $59.92 billion was wiped off the market within 21 hours.

READ ALSO: Bitcoin investors lose N1.03tr despite surge in currency’s value

This came a few days after Tesla founder, Elon Musk, hinted that the automaker would begin to accept Bitcoin as a payment option.

The SpaceX founder’s statement had pushed up Bitcoin price to $50,909, just a month after he stunned the world with the announcement that Tesla would no longer accept the crypto coin as a payment option.

The crash in Bitcoin price was also attributed to the Chinese government clampdown on Bitcoin miners in the country.

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.

Donate Now