Close to 300,000 Crypto Investors Lose Over N415 Trillion as Loss Enters Fifth Week

Close to 300,000 Crypto Investors Lose Over N415 Trillion as Loss Enters Fifth Week

  • 298, 000 crypto investors lost over N415 trillion on Saturday, January 22, 2022 in what has been dubbed a crypto winter
  • Crypto trading platform, Coinbase said the investors lost their positions and had their platforms shut down for over 24 hours
  • Bitcoin fell to as low as N14.1 million and Ethereum down by 12 per cent and others slumped by at least 17 per cent

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.

Users termed the loss crypto winter.

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.

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Bitcoin took biggest fall

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.

Ethereum is the second-largest crypti by market cap and has reached N2 million in its best time on November 10, 2021. It has recored a drop of 47.7 per cent.

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Crypto investors cry
Crypto investors cry
Source: Facebook

Bitcoin surge predicted

The crash of the crypto markets shows the state of stock markets as the US federal Reserve moves towithdraw stimulus from the market in order to curtail inflation.

Market watchers at Goldman Sachs have predicted that Bitcoin could get to as high N41.5 milliom. It said that Bitcoin makes up 20 per cent of the store of value market which not depreciate much over a long time.

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Naira collapses in the parallel market, exchanges for N581 per dollar

Bitcoin Hits N20.7m as Naira Rises

Meanwhile, reports that despite global opprobrium, Bitcoin investors were all smiles on Friday as they went home with a N20.750 million price increase of the cryptocurrency in their kitty.

The cryptocurrency market resumed trading activities on Friday, December 24, 2021, on a great note with a market huge cap, gaining marginally at 0.42 per cent to stand at N992,000 trillion, after it rose above the N20 million mark with a gain of 0.26 per cent to trade at N21.50 trillion, according to a report by Nairametrics.

However, the exchange rate between the naira and the US dollar closed at N414.73 per dollar at the official Investors and Exporters window.


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