TheCable

The value of the cryptocurrency market stood at $1.61 trillion on Saturday, representing 11.8 percent decline over the last day, according to data on CoinMarketCap. 

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

This is coming barely two months after the market value of the crypto market increased to $2.94 trillion, following Bitcoin’s record high of $68,000.

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

The value of the cryptocurrency declined over 9 percent to $35,104 in the last 24 hours at 12.52 GMT+1 on Saturday.

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

Ethereum, the second-largest cryptocurrency by market cap, also dropped over 14 percent to $2,433.

In May 2021, the bitcoin price also crashed on China clampdown 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.

It claimed that digital currencies such as Bitcoin, Litecoin, and others are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.

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