The crypto market is bearish at the moment and the downward trend still continues. However, the down slide of the market is taking a toll on investors in Nigeria. The West African country has the largest crypto market in Africa and the price tumble is beginning to affect crypto participation. The year 2017 marked a remarkable year in the crypto boom that spread to Africa and earlier this year, the growth of participants in bitcoin grew to an encouraging amount. However, Nigerians are faltering and cutting their losses in cryptocurrency as the market stake dropped to N1.09 billion as against N1.51 billion as at July this year.
Bitcoin is an attractive option to Nigerians considering the high inflation the country suffers and the instability of the Naira. However, bitcoin is losing the appeal it once held for Nigerians as it made almost N300 million fall difference between the end of July and mid-September. A lot of reasons have been postulated as to why Nigerians are pulling out of the market drastically. It is notable that the fear of a market crises is serving as a stimulant to the withdrawal. The withdrawal reaction to the crypto market is not peculiar to Nigeria alone as across the continent crypto investors are becoming sceptical of the market slump.
Although some crypto enthusiasts are optimistic about the rise of the market, figures prove differently. After celebrating a market stake of N1.7 billion in July, the market lost almost $40,000 as traders hurried out of the market. Bitcoin is not the only crypto affected by the bearish tendency as Ethereum is currently trading at $226.81 and Bitcoin Cash at $458.78. Despite the downward trend of the market, some crypto enthusiasts are hodling and not letting go.
What do you think about the reduction in the amount of crypto investors in Nigeria. Share your opinion with us in the comment section below.
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