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Investors are in Tears as Over N3 trillion Worth of Bitcoin is Wiped Out in Less than 24 Hours
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Investors are in Tears as Over N3 trillion Worth of Bitcoin is Wiped Out in Less than 24 Hours

by  Dave Ibemere 2 min read
  • Investors of bitcoin saw over N1 trillion wiped off their investment as the cryptocurrency crashed within the last 24hours
  • At its lowest on Saturday, one unit of Bitcoin sank below the $42,000 mark, losing as much as 22 percent, as per a Reuters report
  • The fall comes as amid Christmas risk-off taking cue from the global stock markets, which remained volatile for the same reason

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Cryptocurrency investors suffered a major blow on Saturday after Bitcoin, other coins dropped in value by over a billion dollars.

This happens as global investors sold off their coins to settle for secure investment options as Christmas day neared.

Bitcoin the largest cryptocurrency by market value, plunged by 31.6% from the year’s high of $69,000 reached on Nov. 10.

According to data from CoinDesk Bitcoin with almost $900 billion worth of units in circulation, traded below 42,000.

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Investors in tears as over $1 billion worth of bitcoin is wiped out in few hours
CGI image of bitcoin cryptocurrency Credit: Westend61
Source: Getty Images

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According to data from CoinMarketCap at the time of writing this article, Bitcoin prices stood at $47,664.16.

Ethereum, the second-largest cryptocurrency by market capitalisation, also fell to as low as $3,905 on the day, declining by almost 15 percent.

At the time of writing, the altcoin gained some momentum to stand at $3,946.76 per unit. This was still down by 13.46 percent over the last 24 hours and by 5.18 per cent over the last seven days.

Why Bitcoin fell

As per Reuters reports, the crash is an outcome of a risk-off sentiment among investors that has been triggered by the detection of the new Omicron variant of Covid-19.

The report also showed it can also be attributed to a sudden incline towards hawkishness by US Federal Reserve Chairman Jerome Powell.

First Bank GMD, U.K Eke, makes a whopping N15.35million

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Investors poured N14.5 trillion into cryptocurrency in 2021 as demand for crypto-related jobs surged

In a related report, Legit.ng revealed that First Bank Nigeria Holdings' Group Managing Director, Urum Eke, made over N15.35 million in eight hours today.

Eke's total investment in First Bank is now worth N1.25 billion today, but during this period last year, the GMD was valued at N520.13 million.

The report shows that Otedola potential take over helped First Bank stock value skyrocket since the beginning of October 2021.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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