Nigerian traders lament losses as Bitcoin drops 52% value

Many Nigerian Bitcoin traders are lamenting their losses because of the continued drop in the market value of Bitcoin.

Since the turn of the year, BTC has lost 52.84 per cent of its market value, wiping off $473.34bn in market capitalisation in the process, and leading to numerous liquidations.

At the start of 2022, BTC was $47,686.81 with a market cap of $902.10bn according to CoinMarketCap. On Tuesday, June 14 BTC was $22,487.39 with a market cap of $428.76bn around 5 pm Nigerian time. This drop follows Monday’s drop where BTC fell below $25k.

The crypto economy has also fallen from highs of about $2tn to $938.41bn.

Despite a Central Bank of Nigeria restriction on cryptocurrencies, a 2021 report by Chainalysis said the nation was the sixth leading nation in the world in terms of crypto adoption.

According to Paxful, one of the major peer-to-peer cryptocurrency platforms in the world, Nigerians were its biggest traders of BTC in 2021, trading about N300.48bn in BTC volume in the year.

This downturn in the global price of BTC is affecting local traders as they count their losses in millions. Many WhatsApp and Telegram BTC groups are agog with news of loss and liquidation.

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