Why Bitcoin price drop below 50k inside 24 hours?

Bitcoin bin collapse more during Asian trading hours on Monday, as e fall below $50,000 bifor e recover to around $51,000.

Cryptocurrency follow share markets around di world tumble on Monday sake of fear say United States fit enta recession.

Dis na di lowest wey Bitcoin plus oda cryptocurrencies don fall since middle of February.

Di world biggest cryptocurrency fall for four straight days till e drop to as low as $49,112, data from TradingView show.

Ether (ETH), wey be native token of Ethereum blockchain, sink to as low as $2,060. Dis na im lowest price since January 3.

Ether nearly 25% fall na di worst single-day hit for di token since May 2021.

Different kain reasons from economic to security n aim make investors to rush comot dia money from dis risk assets.

Pipo begin sell dia Ether sake of rumours say crypto market maker Jump Trading sell im assets.

On-chain sleuth spotonchain bin identify one wallet be dey claim say belong to Jump Trading wey bin transfer 17,576 ETH, worth over $46 million, to centralised exchanges, sign of say dem fit wan sell dem.

Dis rumour led to selling of over $1 billion for crypto futures market, as ether register over $350 million for liquidated bets.

Add dis to di rising tensions for Middle East plus concerns say US economy fit enta recession, investor rush remove dia money risk assets.

E also don lead to di rise in bonds wey be safer investment options.

Nigeria na crypto powerhouse for Africa

Nigeria na powerhouse for Africa crypto landscape. As of 2023, di kontri represent more dan 66% of pipo wey dey trade am for di continent.

For 2020, di kontri trading volume score number three position for di whole world afta united States and Russia.

Di kontri plenty economic palava wey include high cost of living sake of failed economic policies plus currency devaluation, make di pipo embrace crypto trading as a way of making money.

Dis na even though Nigeria goment dey implement so many harsh policies wey no favour crypto for di kontri.

Recently, goment bin demand $10 billion as compensation from Binance, on top allegation say di biggest crypto exchange for world dey manipulate di kontri exchange rate so tey naira lose value up to 70%.

E no end dia, as di goment also ban banks plus all license financial institutions from handling any crypto transaction.