Bitcoin Plunges Below $31,000 on Monday, Dropping More Than 10 Per Cent
- Bitcoin traders are not having it easy as the largest cryptocurrency keeps tumbling in price, shedding about 10 per cent on Monday, May 9, 2022
- It traded below $31,000 which means it has lost 10 per cent of its value as the dollar keeps strengthening
- According to expert analysis, Bitcoin will rebound soon as the a hedge fund is being created to use it as a reserve
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The largest cryptocurrency, bitcoin has taken a beating in recent weeks, shedding massive gains as the dollar keeps strengthening.
Bitcoin slumped more than 10 per cent on Monday, May 9, 2022, falling below $31,000 after reaching a high of $40,000 last week.
Falling from all-time high of $60,000
The price of the cryptocurrency plummeted 10.5 per cent to N30,953.94, Coin Metrics said. The digital currency is at its weakest point since July last year when it traded as low as N29,839.80 which is the last time bitcoin traded below $30,000.
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According to CNBC, Bitcoin has shed about 53 per cent from its all-time high of $60,000 in November 2021. Ether dropped 11.6 per cent to $2,269.39.
Experts predict a rebound
It has been a bad run for cryptocurrencies as they have continuously declined in value since Thursday, May 5, 2022, when they dropped very sharply in a broader sell-off.
Losses increased over the weekend. Crypto trades every day, including weekends.
According to Steven McClurg, chief investment officer at Valkyrie Investments, Equity and cryptocurrencies are selling across the board because of a broad shift from risk-off to heavy risk-selling.
He said the correlation between the two assets has expanded and become more pronounced in recent months because of a number of publicly-traded firms in the blockchain industry and digital assets. He said the market will likely see moves mostly in lockstep for some time.
Crypto thieves make away with N664 billion in 2022 alone, cast doubts on the future of DeFi
Legit.ng has reported that the future of Decentralised Finance may have hit a snag as the clamour for wide adoption of cryptocurrency intensifies. Just a little over four months in 2022, the Defi ecosystem has been hit with a series of thefts, hacks and scams.
Just a little over four months in 2022, the Defi ecosystem has been hit with a series of thefts, hacks and scams.
Over N664 ($1.6 billion) in cryptocurrencies has been stolen from investors, exceeding the total amount stolen in two years and 2021 combined.