Bitcoin Investors Lose N24.61trillion in One Day, Price Tumbles
- Investors of bitcoin saw over N24 trillion wiped off their investment as the cryptocurrency crashed within the last 24hours
- The market capitalisation of the most popular digital currency declined as the price of bitcoin crashed to $31,744, making it the slowest between Sunday and Monday night
- The Chinese government clampdown on bitcoin miners in the country is linked to the crash, as some investors sell off their holdings in fear
Bitcoin investors lost over N24 trillion in one day as the cryptocurrency crashed amid the clampdown on Asian miners by Chinese government, as the country continues to tighten its grip on digital currency investment.
In 24hours, the digital coin was down by 6.48 percent, costing bitcoin holders a significant loss in investment, while they watched on as some investors sell their coins to exit the volatility.
The sell off crashed the price value of bitcoin to $31,744 on Monday night, falling from the $32,353 it sold the night before, according to tracker site, Coindesk.
Source: Getty Images
The $31,744 price was the lowest bitcoin cost in the last 24hours, and it had gone for as high as $36,119 during the same period under review, as seen on the coin tracker.
Just a week ago, the value of the most popular cryptocurrency had gone up to $50,909 following a tweet from Tesla founder, Elon Musk, suggesting the carmaker is opened to accepting bitcoin.
But about six days after, bitcoin holders lost over N24.61 trillion after the market capitalisation dropped to $606.28 billion from $666.20 billion.
Meanwhile, Legit.ng had previously reported that Heritage Bank workers besieged the house of lawmaker, Andy Uba, who is owing the commercial lender.
It was gathered that the Nigerian Senator has been owing the bank for years, and the debt is capable of ruining the operation of the financial institution.
About twenty employees of Heritage Bank had stormed Uba's home, stating that they need to have a meeting with the lawmaker in order to recover the loan.
Source: Legit.ng
