Bitcoin crashed below $25,000 on Monday evening as investors continued to take out their funds from the cryptocurrency market.
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This followed the declining investors’ confidence in the crypto asset’s ability to survive in the inflation-gripped global economy.
The value of Bitcoin fell by -16.48 percent in the last 24 hours, selling for as low as $22,601 before rebounding to $23,419 at the time of filing this report.
The crash is mirroring the stock market which has been struggling to lure investors into its fold.
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The drop in the selling price of Bitcoin caused the crash in the digital asset’s market capitalization by $68 billion.
The BTC’s market value dropped from N510.25 billion posted on Sunday to $441.58 billion on Monday.
Year-to-date, the digital currency has lost $22,892.74, depreciating by -49.4 percent from $46,311.74 per coin to $23,419 within six months.
The dip in BTC followed moves by central banks across the world trying to tame inflation with Nigeria struggling to exit double-digit inflation rate of 16.82 percent while the United States is moving to prevent a double-digit after recording 8.6 percent, the country’s highest inflation rate in 40 years.
(C)ControlTV2022.
