Bitcoin And Other Cryptocurrencies Bounce Back After Losing Over $200 billion
-The crypto market was hugely shaken by a dip that affected many digital coins on Tuesday
-The dip caused the crypto market to lose more than $200 billion within 24 hours
-Bitcoin is now up to $50,000 despite going as low as $45000 yesterday
The world’s flagship cryptocurrency, Bitcoin was hugely affected by a dip that shook the crypto market yesterday.
The fall in crypto value was put down to comments made by Janet Yellen, the US Treasury Secretary, and Tesla CEO, Elon Musk.
Read also: CBN governor, Godwin Emefiele has explained the crypto ban
At some point yesterday, BTC was down by more than $13,000 in value after reaching a new all-time high of $58,330 over the weekend.
The market value of the cryptocurrency slipped from $1 trillion. At the time of this report, BTC is valued at $50,365 and has a market value of $920 billion.
A comment made by Tesla CEO, Elon Musk was partly responsible for the crypto crash. While replying to Peter Schiff, Musk said that the price of BTC and ETH was in the overbought region.
U.S Treasury Secretary, Janet Yellen also had negative comments about cryptocurrency.
The powerful financial leader stated that Bitcoin can be used to fund illicit transactions. She also had concerns about the amount of energy consumed in processing crypto transactions.
Major cryptocurrencies have been on the rise in the last 24 hours. ETH is up by 16% to $1,687 and Binance coin is up by 32% to $270.
Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.
