Treasures Hunters See Slowdown in Naira Value of Cryptoassets

Treasures Hunters See Slowdown in Naira Value of Cryptoassets

Naira value of Bitcoin unit is selling at N16.577 million on Wednesday after the largest cryptocurrency lost 2.33% in the last 24 hours, according to data from Coinbase.

For cryptocurrencies fans, the falling sky could still provide a shade until further blackout as blockchain acceptance continues to grow. Bitcoin had hit the All-time high of N28.5 trillion but fall back amidst retail selling pressures. 

In the last seven days, the price of Bitcoin has fallen by 11.70% amidst a global market rout due to Russia-Ukraine war. A report also said corrupt nations perpetrated financial misfeasance using cryptocurrencies –including but not limited to funding terrorism.

According to Coinbase exchange, in just the past hour, the price of Bitcoin has expanded by 0.12%. Today, investors willing to have a unit of Bitcoin must be willing to part away N16,605,972.8794.

Though risky, it has provided an alternative source of earnings for many treasures hunters in Nigeria. The trading record shows that Bitcoin is 41.77% below the all-time high of N28,518,804.805.

Though it does not necessarily mean investors have lost large but indicates the market is highly volatile, albeit, liquid. Data from the Exchange shows that BTC market capitalisation prints at N313.7 trillion today, shed 31.64% in 12-month while 19 million is noted to be in circulation.

Bitcoin is highly divisible, according to Coinbase. It means investors can hold, send, or receive fractions of a BTC. The smallest unit, i.e. 0.000 000 01 BTC, is called a “satoshi” or “sat.” As bitcoin’s value has risen, its easy divisibility has become a key attribute, Coinbase said in a note on its website.

Similarly, the price of Ethereum has fallen by 7.28% in the past 7 days, causing holders to count losses amidst wild selloffs. Trading data show that the ETH price declined by 0.10% in the last 24 hours.

In just the past hour, it has gained 1.18% at the current price of N1,266,687.003 per ETH. Ethereum is 37.54% below the all-time high of N2,028,000.986, data from Coinbase Exchange shows over current circulating supply of 120,360,912.624 ETH.

Lower priced Tether has seen gain, trending positively as retail investors key into positive expectation around the crypto asset. Data from the Exchange shows that the price of Tether has risen by 0.02% in the past 7 days.

Tether’s price increased by 0.01% in the last 24 hours, trading data shows despite the fact that the cryptocurrencies market is trending downward amidst baggage of uncertainties.

However, in just the past hour, the price shrunk by 0.30% to N414.621458 per USDT. Tether is 18.02% below the all-time high of NGN 505.7876 with a circulating supply of 82,613,836,052.527 USDT.

One of the toasts of the cryptocurrency market, Ripples, is burning cash, according to trading data obtained by MarketForces Africa today. The price of XRP has fallen by 9.60% in the past 7 days as investors count losses on holdings.

Data from the exchange shows that the price has declined by 0.64% in the last 24 hours. However, in the just past hour, the price has inched up by 0.79% in what appears as a renewed buying interest.

Market data shows that XRP is currently trading at N296.287018 per XRP. Meanwhile, XRP is 81.39% below the all-time high of NGN 1,591.9872. Current circulating supply is 48,135,209,660 XRP.

One of the top worst performers for the review is Cardano (ADA). The price of Cardano has fallen by 14.46% in the past 7 days due to a selloff as retail investors take profit. READ: Coinbase Blocks 25,000 Addresses Linked to Russians

Consequently, ADA price has declined by 1.35% in the last 24 hours. In just the past hour, the price grew by 2.30% as the price printed at N398.82596 per ADA. Cardano is 68.97% below the all-time high of N1,285.19 while it has a circulating supply of 33,752,565,071.288 ADA.

Terra (LUNA) has fallen by 23.68% in the past 7 days, making the crypto asset the worst performer in the review. The price declined by 1.01% in the last 24 hours, according to data from the Exchange.

Struggling to make a comeback, in just the past hour, Terra’s price grew by 3.01%. The current price is N36,079.232376 per LUNA. Terra is 26.98% below the all-time high of N49,411.561359. The current circulating supply is 352,830,261.131 LUNA.

#Treasures Hunters See Slowdown in Naira Value of Cryptoassets