The price of bitcoin and altcoins has sky rocketed earlier this year reaching
it’s all time high at $60,000 as it is a common phenomena for the price of
bitcoin and altcoin to move in a similar direction as seen over the years, with
predictions that bitcoin would exceed a $100,000 and probably replace traditional currencies in the nearest future.
But in the recent past weeks it has seen declines across the space, leaving a
controversy of the actual worth of bitcoin and altcoins, it seem to have had a
longer lasting time as a bubble before the burst which one might attribute the
sudden decline in the prices of bitcoin and altcoins to the recent ban placed
on cryptocurrency in certain countries were it’s use was perceived as treat to traditional currency. Bitcoin and altcoins price plunged after cryptocurrency
ban in China, the ban which prohibits financial institutions and payment
platforms from providing services related to cryptocurrency transactions. This
means that banks and online payments channels must not offer clients any service involving cryptocurrency
However, before the cryptocurrency ban in China the price of bitcoin and other cryptocurrency has been on a downward slope ensuing from a statement from Elon Musk, CEO of tech giant Tesla that his company would no longer accept bitcoin as a means of payment due to the environmental concerns of bitcoin mining.
What happened in the cryptocurrency markets?
The crypto market however known for it’s volatility with an average day of 10% – 20% change in price , but the current deep could be described as a nightmare for the crypto market causing a wide turbulence as investors are in a hurry to offload their their holdings and minimize losses amid the on going uncertainty. Nevertheless , some people have expressed a desire to “buy the dip” from Nairadirect and Exchangeindeed platform, hoping for a rebound in the near future, though it is uncertain if bitcoin and altcoins would rebound from this fall.
According to cryptocurrency trading platform Binance, Bitcoin the most well-known cryptocurrency was trading nearly 21% lower than its price 24 hours earlier at $34,693. Another popular cryptocurrency Ethereum was down 25% at $2,453 while Binance Coin BNB was down almost 31% at $353.