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Cryptocurrency

Billions of dollars lost in the Crypto market, over 296,000 get liquidated

At the Futures market, crypto traders’ losses stood at $1.67 billion as 296,556 traders were liquidated.

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List of Cryptos not worth buying

The crypto market posted significant losses amid selling pressures seen in the value of Bitcoin, Ethereum and a growing number of altcoins, as global investors intensified their profit-taking moves across the market spectrum.

Tens of billions of dollars in value were virtually wiped out into thin air, with the global crypto market cap losing about 3.84%, leaving the crypto market valuation at $1.90 trillion.

At the Futures market, crypto traders’ losses stood at $1.67 billion as 296,556 traders were liquidated.

READ: Crypto: Investors get liquidated, lose $1.6 billion within a day

The largest single liquidation order happened on Bitmex-BTC, valued $10 million.

The total crypto market volume over the last 24 hours is $216.55 billion, which makes a 6.36% increase. The total volume in DeFi is currently $15.66 billion, 7.23% of the total crypto market’s 24-hour volume.

Bitcoin’s price is currently $56,661.02. Its dominance is currently 55.62%, an increase of 0.75% over the day.

After posting three days winning streak, Ether saw a price pullback below the $2,000 price level for the first time in five days.

READ: Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble

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Crypto experts anonymously interviewed by Nairametrics explained the current parabolic in play was long overdue after the relative bullish move sighted this year.

Many weeks ago, the Financial Conduct Authority, a leading United Kingdom financial regulator, issued a piece of stern advice on the risk associated with trading crypto assets.

The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets and warned the public that there were high chances that all their funds could be lost.

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READ: Abigail Johnson is the world’s richest in finance, manages a $5 trillion investment company

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Dogecoin up 168%, more valuable than Polkadot, Cardano

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

READ: Bitcoin miners are consistently earning $50 million daily

Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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Business News

CBN, SEC working on regulatory guideline for cryptocurrency trading

The SEC has stated that it is in discussion with the CBN to better understand and regulate the crypto-assets market.

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The Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country.

This is coming after CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos and other digital assets.

This disclosure was made by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC) virtual news conference.

Yuguda said that the commission was in discussion with the CBN for better understanding and regulation of the crypto-assets market, adding that the capital market regulator had suspended the implementation of crypto assets guidelines due to lack of access to Nigerian bank accounts.

READ: Binance, Quidax, Buycoins Africa, Bundle obey CBN’s crypto ban

What the Director-General of SEC is saying

Yuguda in his statement said, “We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.

But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” he said.

Yuguda, however, pointed out that SEC had always provided support to Fintechs and had invested so much in developing a framework to support their operations.

READ: Why buying Bitcoin in Nigeria is not cheap

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He said, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

He acknowledged the fact that the fintech market had been disrupted by the CBN’s ban on access to Nigerian bank accounts by the crypto exchange.

He said, “In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

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And the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

READ: Analysing the Central Bank of Nigeria’s Dollar Remittance Policy

In case you missed it

  • The apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.

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