"Crypto Crash Has cost Us Fortunes But We Still Have Hope", Nigerian Traders Lament

"Crypto Crash Has cost Us Fortunes But We Still Have Hope", Nigerian Traders Lament

  • Nigerian crypto traders are in tears over their losses as Bitcoin crash continues unabated with many predicting it could fall to as low as $10,000
  • One trader said his company has lost about $40 million since the crash started this year, but believes there will be a rebound
  • Nigeria is one the highest country in the world with the biggest adoption of crypto despite CBN's restrictions

The premier cryptocurrency, Bitcoin has lost 52 per cent of its value since the crypto crash began in March 2022.

Experts said the crash was partly due to the then rebounding US dollar and inflation which caused a lot of traders to embark on massive sell-offs, prompting many exchanges to halt withdrawals.

Bitcoin, Crypto crash, Nigeria traders
Nigerian traders in tears as Bitcoin continues to fall Credit: Mike Mill
Source: Facebook

Traders count losses but optimistic about a rebound

Many traders in Nigeria are counting their losses as the crash continues unabated and the market value of Bitcoin crashing even faster.

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Since the beginning of the year, Bitcoin has lost about 52.84 per cent of its market value which wiped off $473.34 billion in market cap, causing other coins to face massive liquidations, according to Punch reports.

At the beginning of 2022, Bitcoin sold at $47.686.81, having a market cap of $902.10 billion, CoinMarketCap says.

On Tuesday, June 14, 2022, bitcoin traded at $22,487.39 with a market capitalisation of $428.76 billion. The drop comes after a crash on Monday, June 13, 2022, when it fell below $25,000.

Cryptocurrency analysts say the industry has lost its trillion-dollar status, falling from $2 trillion to about $938.41 billion.

Nigeria, a top crypto trading country in the world

Nigeria remains a top crypto trading country despite the restriction of the Central Bank of Nigeria (CBN) on cryptocurrency trading.

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In 2021, a report by Chainalysis placed Nigeria as the sixth leading country in the world with the highest adoption of cryptocurrency.

Paxful, a crypto wallet, said Nigerians are among its biggest traders of Bitcoin in 2021, with about N300.48 billion in volume.

The crash is affecting local traders, as many online groups crying about how much loss they have incurred since the crash started.

An investor said he lost about N4 million in direct sales, while others blamed the crash on Russia's invasion of Ukraine

Others are speculating that Bitcoin could crash to as low as $10,000.

One trader lamented that his company has lost about N40 million, on a conservative side, stating that there is still hope since they are still in the market.

Cryptocurrency investors in tears as Ethereum plunges into a 14-month low

However, Legit.ng reported that As US inflation hits a new 40-year high, Bitcoin and Ether fell on Sunday, June 12, 2022, as they joined a wider crypto sell-offs which saw investors go into panic mode.

Read also

Experts speak on Bitcoin crash: Why it happened and reasons it might or might not go up immediately

Nairametrics report says Ether went down to as much as 5 per cent to $1,440 which is its lowest level since March 2021, while Bitcoin fell to $27,000, also its lowest in one month.

Other crypto assets were also in the red including Cardano, OMG, XRP and Avalanche.

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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