Panic in Nigerian market as Bitcoin Crashes to $4,000

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The trending news from money market now is that, the value of bitcoin, the most popular cryptocurrency has crashed to a one year low, hovering around $4,000 as the volume of the cryptocurrency in Nigeria dipped to N1.08 billion, in a 24-hour panic-driven market.

A panicked market saw not only the value of bitcoin but other cryptocurrencies shed millions across board. Data from Coin telegraph’s price tracker, Coin360, CoinMarketCap, and Bitcoin ticker captured frenetic activity into Tuesday as BTC/USD dropped up to 17 percent, at one point reaching $4,237.

Analysts believe if the value of the cryptocurrency which once sold at almost $20,000 in December 2017, breaks the $4,000 border may crash to $3,000. As regulators in the Nigerian market warned against the cryptocurrency market and the value dropped, the volume of bitcoin traded in the country has waned.

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From a high of N2.07 billion in December 2017, the volume of bitcoin traded in the country has declined, albeit at a slow pace, moving alongside the price depreciation of the cryptocurrency. The volume however dipped to N1.08 billion last week, the lowest since September 2017.

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Bitcoin’s daily losses currently total 15.5 percent after a correction to around $4,500, while the situation remains highly volatile as the pair tests new resistance levels. The events mark a continuation of the unsettled conditions sparked Nov. 15 when altcoin Bitcoin Cash (BCH) experienced a contentious hard fork, which has since resulted in the emergence of two separate competing chains.

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