Over N53 Trillion Lost in The Cryptocurrency Market in 24 Hours
- Premium cryptocurrency, Bitcoin and other major digital coins saw a bloodbath on Monday, January, 24 2022.
- Over N53 trillion were wiped off the digital market as they continued to fall in a straight five week of loss for investors
- Analysts believe Bitcoin may plunge further to N12 million as digital currency are dragged down alongside global stocks
Bitcoin and other main digital currencies lost close to N54 trillion in 24 hours as they continued their downward spiral that has spanned over five weeks in a row.
Bitcoin was down around 4 per cent at N14 million, says Coin Metrics and Ether fell about 7 per cent to N2 million. On Monday, January 24, 2022, they both plunged to their lowest point since July last year. They also fell 50 per cent in their respective all-time highs, according to a report by CNBC.
Source: Getty Images
Dragged along with global stocks
Cryptos are falling in tandem with global stocks that have continued since the beginning of this year. Investors have been selling off risk assets like tech stocks as they prepare for tough monetary police from the US Federal Reserve Bank.
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According to CNBC analysis, investors are re-assessing further controls on the crypto market.
Last week, Russia’s central bank toed the line of Nigeria’s Central bank and proposed banning and mining of cryptos.
Bitcoin to plunge further
Due to the current market scenario, Bitcoin is probably to test N12.4 million to N13.2 million, so says Vijay Ayyar, Luno’s Vice President of corporate development and international expansion.
Ayyar said If the cryptocurrency holds above $30,000 for as much as one week, there could be a base formed at those levels before the market moves higher.
Legit.ng reported that It was a dark Saturday for crypto investors who saw over N415 trillion wiped off the cost of all cryptos in what has been described as the biggest loss in the history of cryptocurrency.
According to Coinbase, a cryptor currency trading platform, over N239,000 has their positions shut down for over 24 hours on Saturday, January 22, 2022 with liquidations amounting to N362.7 billion.
The crypto trading platform, Coinbase showed that premium crypto, Bitcoin fell to as low as N14.1 million. Other also slumped with Ethereum going down by 12 per cent, Solana and Cardano both fell by at least 17 per cent.
Source: Legit.ng
