The fall of one of the world’s best-known cryptocurrencies, the Bitcoin, on Wednesday, sent shockwaves throughout the financial world, Nigerian investors inclusive.
Over the past 24 hours, Bitcoin nosedived to $30,201.96 while Ethereum and Dogecoin experienced as much as 30% plunge to $2,385 and $0.338528 respectively.
The decline in prices of cryptocurrencies is believed to have been sparked by business magnate and CEO Tesla motors, Elon Musk’s reversal on Tesla accepting Bitcoin as medium of payment.
Also, China’s recent ban on financial institutions and payment companies from providing cryptocurrency related transactions exacerbated selling.
Although, some Nigerian crypto traders believe the volatility of the market should be utilized to “buy the dip” (more crypto), others have taken to social media to express their frustration in a rather dramatic way with the phrase “everywhere red”.
See reactions below:
Today be like Valentine’s Day, everywhere red
— Samuel Mbah (@Mbahdeyforyou) May 19, 2021
— Mr. Reezy Sama 😳 (@armadillo_reezy) May 19, 2021
— 𝔸𝕟𝕤𝕝𝕖𝕞_𝕣𝕚𝕔𝕙𝕚𝕖 ✞ (@Anslem____baby) May 19, 2021
— they guy with vibes (@RitzyRoyce) May 19, 2021
— Ceejay ❤️ (@Aniebovincent) May 19, 2021
How I walk confidently knowing that bitcoin will still rise.
— Love and Money ⭐🌟💰 (@Talented143) May 19, 2021
Ponzi Schemes are the only recession-proof business in Nigeria.
— tolu ogunlesi (@toluogunlesi) May 19, 2021
Let's be honest, Crypto is basically equivalent to ponzi, definitely not the same, but if people don't invest, the system crashes, just like If people don't get referred to a ponzi scheme, it crashes.
So yeah, Crypto traders would say *BUY THE DIP* so the system resurrects.
— Fredii 🔴⚪️🇳🇬 (@Udfredii) May 19, 2021
— TACHA🔱🇳🇬🇬🇭 (@Symply_Tacha) May 19, 2021
Everywhere don red, money don finish
Come and employ me abeg🤲🏾😭
I do Mobile, Backend, Fullstack and anything with Azure
DM for my resume 🙏🏾
— Israel Ulelu | #EndSARS (@IzyPro_) May 19, 2021
…By Okiemute Abraham
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