- 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
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.
Oil nears $90, the highest level since 2014 when Goodluck Jonathan was president, but this time it is headache
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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
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.