NIGERIA: CRYPTOCURRENCY CRASH MAY ATTRACT SANCTION BY THE CBN- EXPERTS
BY PRINCELY ONYENWE,IMO
The basic knowledge of cryptocurrency or blockchain technology is already a threat to the CBN & the investors who were seen lamenting over it’s sudden dip some hours ago.
Yesterday, my friend instituted an action before the Federal High Court in Lagos to challenge the prohibition of cryptocurrency by the CBN. Essentially, we asked the court for nullification of such prohibition.
Meanwhile, Nigerians on Twitter are reacting to the massive crash of their investments in cryptocurrencies.
Cryptocurrency investors woke up to the brutal crash of their crypto investment since it gained more acceptance in January 2021
Our source told 9News Nigeria that Prices of major currencies, including Bitcoin, Dogecoin, Ethereum, BNB and others are crashing as much as 30% within 24 hours.
Bitcoin took the hit last weeks after Elon Musk said Tesla payment for its cars using Bitcoin. The billionaire cited the energy used by Bitcoin mining for his decision.
Bitcoin was still recovering from that when China banned the trading of cryptocurrencies in the most populous country in the world.
The after math of the decision by the Chinese authorities was not pretty for cryptocurrency investors around the world.
In Nigeria where cryptocurrencies are quite popular, the reactions have been varied, but mostly sad.
Authorities in Nigeria in February advised against investing in crypto trading and mandated banks to block accounts of customers who have traded.
As at the time of this report Bitcoin, the most popular and valuable token has sunk to -1.19%, while Ethereum is currently at -10.37%, BNB has also crashed to-16.58% and Dodge coin who gained more foot this year with Elon Musk influence is at -12.67%.
Nigerians investors on Twitter are counting their losses, while some are urging others to buy the dip and majority are actually jesting about the situation.
The investors into cryptocurrency, bitcoin, zugacoin and all it’s affiliated currency flow are feeling disappointed of its emergency dip while praying it is not going to be another means of MMM.
9News Nigeria (Owerri)
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