Crypto market loses $356bn in 24 hours

Cryptocurrency market lost $356bn within 24 hours, representing a decline of 11.8 per cent, according to the latest data from CoinMarketCap.

The value of the market Crypto market stood at $1.61 trillion on Saturday, dropping from $1.417 trillion recorded on Friday.

This is coming barely two months after the market value of the crypto market increased to $2.94 trillion, following Bitcoin’s record high of $68,000.

Bitcoin, considered the world’s largest cryptocurrency by market capitalisation, fell below $35,000, the lowest value since August 2021.

The report specifically said the crypto value declined over nine per cent to $35,104 in the last 24 hours on Saturday.

On Friday, the price dropped to $38,147 after Russia’s central bank proposed to ban all cryptocurrency operations in the country.

Ethereum, the second-largest cryptocurrency by market cap, also dropped over 14 per cent to $2,433.

In May 2021, the bitcoin price crashed on China clampdown on crypto miners.

The Central Bank of Nigeria (CBN) had warned people investing in cryptocurrencies, saying they are not accepted as legal tender in Nigeria.

It claimed that digital currencies such as bitcoin, litecoin and others were largely used in terrorism financing and money laundering.