From highs of ₦7.28 Mln over ($20,000) on some exchanges last weekend, Bitcoin tumbled by as much as 30 percent, echoing behavior seen during China’s exchange ban in September and the conclusion of a significant bull run in May of the year.
At press time, average exchange quotes focused around ₦5,110,000 ($14,000), representing a small recovery for the sub- ₦4,745,000 ($13,000) lows earlier today which lasted only briefly.
Regardless of the good sized quantities involved, Bitcoin’s latest downturn is, in reality, milder than those seen both in 2010 and further back, when corrections as much as 45 percent were fairly common.
The weight of the losses is actually visible in overall market statistics. The sum total cryptocurrency market cap has fallen from ₦237 Trillion ($650) bln to ₦157 Trillion ($430 bln) within a day.
Bitcoin’s ‘magic’month brought growth that surprised investors and observers both in and not in the industry. Such peaks tend to be accompanied by dips or corrections.
On Thursday as prices hit ₦5,475,000 ($15,000), one online crypto trader and commentator called the problem a “healthy dip,” adding optimistically: