Crypto market loses $356 billion in 24 hours and $1 trillion in two months

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The value of the cryptocurrency market stood at $1.61 trillion on Saturday, down 11.8% over the past day, according to data from CoinMarketCap.

The price crash resulted in a loss of over $350 billion in one day.

This comes just two months after the market value of the crypto market rose to $2.94 trillion from Bitcoin’s record high of $68,000.

Bitcoin, the world’s largest cryptocurrency by market cap, plunged below $35,000 — its lowest dollar value since August 2021.

The value of the cryptocurrency was down more than 9% at $35,104 in the past 24 hours at 12:52 GMT+1 on Saturday.

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

Ethereum, the second-largest cryptocurrency by market cap, also fell more than 14% to $2,433.

In May 2021, the price of bitcoin also crashed during the Chinese crackdown on crypto miners.

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

He claimed that digital currencies such as Bitcoin, Litecoin and others are widely used in terrorist financing and money laundering given the anonymity of virtual transactions.

In February 2021, the bank ordered banks to close the accounts of individuals or entities involved in cryptocurrency transactions within their systems.

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