Bitcoin Crashes, Loses N1.2m as Over 129,600 Investors are Liquidated
- The volatile nature of cryptocurrency manifested on Tuesday, December 27, 2021 when the world's leading crypto fell
- Bitcoin shelve over N1 million and traded at N19.9 million, prompting analysts to speculate that it is a crucial flop this year
- Other smaller cryptos were dragged along by bitcoin as they dropped prices on FTX Exchange on the day many investors were liquidated
The world’s largest crypto by market share, Bitcoin lost nearly N1.3 million on Tuesday, December 27, 2021, as it traded at N19.9 million at its support level which analysts see as crucial for estimating its perspective for 2022.
Losses that occurred due to liquidations at the cryptocurrency market crossed N153. 5 trillion on Tuesday, December 27, 2023, according to a report by Nairametrics.
Source: Getty Images
Huge liquidations for a single day
Almost 80 per cent of the liquidations happened on long placements, which are futures agreements in which traders haggle on a price rise.
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129,644 traders were liquidated at the Cryptocurrency futures market. The biggest liquidation order occurred on Bybit, estimated at N2.07 million.
Bitcoin fell to as high as 4.5 per cent on Tuesday, December 27, 2021 and was trading at approximately N20.8 million at about 6 pm WAT, on Tuesday, December 27, 2021.
Smaller tokens not spared
Other smaller tokens, such as Solana, Cardano, Polkadot, and meme token Dogecoin, also dropped, according to FTX Exchange.
Investors in Crypto including whales have been withdrawing from hypothetical markets lately, anxious that the central banks’ incentive program is falling.
The extent to which Bitcoin and the wider crypto universe are exposed to this risk is a hotly debated issue.
Bitcoin prices have tracked the price of riskier assets such as US stocks historically.
Beginning December, the S&P 500 index of the largest companies is up about 5 per cent, while bitcoin is down about 10 per cent.
Billions of dollars found in Crypto accounts in error
Legit.ng has reported that Several Nigerian cryptocurrency investors have shown massive amounts of money running into billions of dollars credited into their wallets in a global glitch that made many momentary billionaires overnight.
After Legit.ng reported a story of Chinedu MacGordon who woke up to a bloated cryptocurrency account, many took to the comment section Legit.ng’s Facebook pages to share screenshots of what they found on their Coinbase wallets.
Many reported a snag in withdrawing the money found in their accounts. Some users saw billions of dollars in their accounts.
Source: Legit.ng
