The fall of one of the world’s best-known cryptocurrencies, the Bitcoin, on Wednesday, sent shockwaves throughout the financial world, Nigerian investors inclusive.
Over the past 24 hours, Bitcoin nosedived to $30,201.96 while Ethereum and Dogecoin experienced as much as 30% plunge to $2,385 and $0.338528 respectively.
The decline in prices of cryptocurrencies is believed to have been sparked by business magnate and CEO Tesla motors, Elon Musk’s reversal on Tesla accepting Bitcoin as medium of payment.
Also, China’s recent ban on financial institutions and payment companies from providing cryptocurrency related transactions exacerbated selling.
Although, some Nigerian crypto traders believe the volatility of the market should be utilized to “buy the dip” (more crypto), others have taken to social media to express their frustration in a rather dramatic way with the phrase “everywhere red”.