Crypto Crash Costs Traders Fortunes: “We Still Have Hope”

view original post
  • Crypto traders lamented over their losses as the Bitcoin crash continues unabated, with many predicting it could fall to a low of KSh 1.2 million
  • One trader said he lost about $40 million (KSh 4.7 billion) since the crash started this year, but believes there will be a rebound
  • Experts argued that the crash was partly because of the then rebounding US currency and inflation

The premier cryptocurrency, Bitcoin, has lost 52% of its value since the crypto crash began in March 2022.

Nigerian traders are in tears as Bitcoin continues to fall. Photo: Mike Mill
Source: UGC

Experts said the crash was partly because of the then rebounding US dollar and inflation, which caused a lot of traders to embark on massive sell-offs, prompting many exchanges to halt withdrawals.

Crypto rebound

Many traders in Nigeria continued to record losses from the unabated crash as the market value of Bitcoin crashed even faster.

Read also

Bitcoin Fraud: DCI Sleuths Arrest 2 Students Suspected of Hacking Credit Cards

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through news@tuko.co.ke or WhatsApp: 0732482690.

Since the beginning of the year, Bitcoin lost about 52.84% of its market value which wiped off $473.34 billion (KSh 55.5 trillion) in market cap, causing other coins to face massive liquidations, according to Punch reports.

At the beginning of 2022, Bitcoin sold at $47,686.81 (KSh 5.6 million), having a market cap of $902.10 billion (KSh 105.9 trillion), according to CoinMarketCap.

On Tuesday, June 14, 2022, bitcoin traded at $22,487.39 with a market capitalisation of $428.76 billion. The drop comes after a crash on Monday, June 13, 2022, when it fell below $25,000.

Cryptocurrency analysts say the industry has lost its trillion-dollar status, falling from $2 trillion (KSh 234.7 trillion) to about $938.41 billion (KSh 110.1 trillion).

Nigeria, a top crypto trading country in the world

Nigeria remains a top crypto trading country despite the restriction of the Central Bank of Nigeria (CBN) on cryptocurrency trading.

Read also

Fuel Prices: Twitter User Faces Backlash after Claiming Litre of Petrol in US Is KSh 807

In 2021, a report by Chainalysis placed Nigeria as the sixth leading country in the world with the highest adoption of cryptocurrency.

Paxful, a crypto wallet, said Nigerians are among its biggest traders of Bitcoin in 2021, with about N300.48 billion in volume.

The crash is affecting local traders, as many online groups crying about how much loss they have incurred since the crash started.

An investor said he lost about N4 million (KSh 1.2 million) in direct sales, while others blamed the crash on Russia’s invasion of Ukraine

Others are speculating that Bitcoin could crash to as low as $10,000 (KSh 1.2 million).

One trader lamented that his company has lost about $40 million (KSh 4.7 billion), on the conservative side, stating that there is still hope since they are still in the market.

Cryptocurrency investors in tears as Ethereum plunges into a 14-month low

Read also

Cryptocurrency Investors in Tears as Ethereum Plunges into 14-Month Low

In related news, TUKO.co.ke reported that As US inflation hits a new 40-year high, Bitcoin and Ether fell on Sunday, June 12, 2022, as they joined a wider crypto sell-offs which saw investors go into panic mode.

Ether plummeted by 5% to $1,440 (KSh 168,768) which is its lowest level since March 2021 as Bitcoin fell to $27,000 (KSh 3.2 million).

PAY ATTENTION: check out news exactly for YOU ➡️ find “Recommended for you” block and enjoy!

Source: Legit.ng