Despite Biden’s Executive Order, Bitcoin Plunges Below N16 Million

Despite Biden’s Executive Order, Bitcoin Plunges Below N16 Million

  • The price of Bitcoin has dropped despite the executive order signed President Joe Biden on Wednesday, March 9, 2022
  • Bitcoin traded below N16 million after it soared to close to N19 million on Wednesday, though experts say the executive order has nothing to do with the surge
  • The executive order signaled a positive outlook by the US which also spurred crypto investors into investing in digital assets

The positive outlook that greeted the crypto industry following the executive order on crypto signed by President Joe Biden on Wednesday seems to have been lost as the premium crypto, Bitcoin saw its price dip below N16 million.

The price of the crypto was down more than 5 per cent to trade at $39.637.11, Coin Metrics said.

The price of Bitcoin drops below N16 million
The price of Bitcoin drops below N16 million
Source: Getty Images

The price rose on Wednesday to as high as N17.6 million after it started the day at N16 million.

Read also

US President, Joe Biden signs Executive Order to legalise cryptocurrency

Other cryptos like ether and XRP also traded lower, according to CNBC

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What experts are saying

Chief product officer at Prime Trust, Sara Xi said there are many factors that are play. According to her, the broader equity market is down which is reacting to macro-level events. And it is the same macro-level events that also drive crypto markets down because people are still viewing an investment platform.

Biden's Executive Order, a watershed moment

Wednesday’s surge came as positivity around Biden’s executive order on cryptos increased. The order focused on six main areas like consumer protection, financial stability, illicit activities, US competitive advantage, financial inclusion and responsible innovation.

Experts and crypto industry players applauded the US government’s decision, calling it a watershed moment for the crypto industry.

Nigerian Crypto investors show billions of dollars credited to their accounts in error

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Good news as another top country ‘overtakes’ Nigeria as world’s poverty capital has reported that several Nigerian cryptocurrency investors have shown massive amounts of money running into billions of dollars credited into their wallets in a global glitch that made many momentary billionaires overnight.

After reported a story of Chinedu MacGordon who woke up to a bloated cryptocurrency account, many took to the comment section’s Facebook pages to share screenshots of what they found on their Coinbase wallets.

Many reported a snag in withdrawing the money found in their accounts. Some users saw billions of dollars in their accounts.


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