Tag
CRYPTO
Here is a compilation of this week’s notable happenings in the Nigeria macro-economic space, markets, regulators as well as in other world economies.
Bitcoin, the most valuable cryptocurrency in terms of market capitalization has been falling for the past 12 days.
A whopping 72 out of top-100 tokens by market capitalization have fallen more than 90% from their respective ATHs which most of them hit last year.
The Bitcoin market has seen significant price volatility, especially after the US central bank issued the largest interest rate hike since 1994.
Microsoft co-founder, Bill Gates has stated that investment in crypto like nonfungible tokens (NFTs) is based on the greater fool theory.
The combined market capitalization of all cryptocurrencies has fallen below a trillion dollars, indicating that the market is firmly immersed in "crypto winter".
The reasoning behind this is due to the U.S. inflation rates, which hit 8.6% year-on-year at the end of May, marking a return to levels not seen since 1981.
The world's most valuable digital asset, bitcoin, fell as high as 8.9% to $24.9K, its lowest level since December 2020.
Ether fell as much as 5% to $1,440, its lowest level since March 2021, while Bitcoin fell as low as $27.3K, its lowest level since May 12.
Reports indicate banks are still sending warnings to their customers to avoid using their accounts for cryptocurrency transactions.
Patricia Technologies is a thought leader in the Crypto & Blockchain space in Africa and is gradually taking over the world at large.
As a result of its recent increases, ADA has surpassed both Ripple (XRP) and Solana (SOL) in terms of market capitalization,