Bitcoin Plunge: $98bn Wiped Off Crypto Market in 24 Hours

2 weeks ago

Bitcoin and other digital coins are currently on a free fall.

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Bitcoin in particular has now dipped below $30,000 value for the first time since June 22.

 

This is after it reached an all-time high of approximately $65,000 in April.

 

Findings show that the current worth of 1 bitcoin is $29,860 (N12,260,000).

 

Other digital coins are recording dip.

 

CoinMarketCap said about $98billion was wiped off the entire cryptocurrency market in 24 hours as of Tuesday morning.

 

The plunge is the effect of a huge sale of shares and bonds in global stocks.

The Dow Jones Industrial Average had its worst day on Monday since October 2020.

 

“There’s been a broad sell-off in global markets, risk assets are down across the board,” said Annabelle Huang, partner at Amber Group.

 

The crypto expert, according to CNBC, observed the concerns of the quality and strength of economic recovery.

 

“Broader risk assets turned weaker including high yields. Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further”, Huang added.

 

In February, the Central Bank of Nigeria (CBN) ordered Deposit Money Banks (DMBs) to stop transacting in cryptocurrencies.

 

China and a number of other countries have banned the use of digital coins for financial dealings.

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