- Investors of bitcoin saw over N20 trillion wiped off their investment as the cryptocurrency crashed within the last 24hours
- The market capitalisation of the most popular digital currency declined as the price of bitcoin crashed below $40 making it the slowest since mid-March
- Bitcoin was not the only digital currency that had a bad day as Ethereum among others also dropped significantly in value
Bitcoin investors lost over N20 trillion in one day as prices fell below $40k for the first time since March 16th, leading to nearly 150,000 traders being cleared of their positions.
The fall in bitcoin price comes as investors weigh the risks of rising interest rates, soaring inflation and dislocation of global commerce as a result of Russia's invasion of Ukraine.
Bitcoin opened trading on Monday, March 11 with a market capitalisation of $803 billion before closing the day $754.5 billion as $48.4 billion was wiped out in hours.
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At the time of writing the price has bounced back to $40.3 compared to the rate of $39.34 it traded on Monday, 11 April 2022, according to tracker site, Coindesk.
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Coinglass also reports that over $439M has been liquidated across the crypto market within 24 hours. That includes 141,000 trades, one of which just lost $10M on his trade.
Other digital assets also dropped in value
Across cryptocurrencies, about $152 million in liquidations occurred among Bitcoin traders, versus $103 million among Ethereum traders.
Ethereum, the second-largest crypto by market value, is trading roughly over $3K, a decline of more than 6% since the middle of last month, after dropping below this threshold earlier in the day, Nairametrics reports.
Altcoins such as Terra’s LUNA token, SOL, and ADA also suffered losses by double digits. Also beaten down significantly were meme coins Dogecoin and Shiba Inu.
Investors poured N14.5 trillion into cryptocurrency in 2021 as demand for crypto-related jobs surged
Legit.ng had reported that the career networking site, LinkedIn said crypto job listings soared to an all-time high in 2021, rising by 395 per cent.
According to the LinkedIn report, jobs like Bitcoin, Ethereum, blockchain, and cryptocurrency surged in 2021 in the US, which outpaced that of the tech industry, seeing a 98 per cent rise during the same period.
The analysis said most of the postings were software-inclined and in finance positions. However, LinkedIn said demand for people in professional services such as accounting and consulting, staffing and computer software also rose.