Bitcoin price falls to $29,000

The world’s largest crypto by market cap, Bitcoin has dropped 5 percent to $29,594.

The bitcoin price on Monday dropped below the $40,000 benchmark to $32,832.

In July 2021, bitcoin had sold at $29,806 and experienced an upward movement until November when it dropped again.

According to CoinMarketCap, the price of bitcoin stands at $29,594 on Thursday at 17:00 GMT+1.

Lately, the price of bitcoin has been floating within $30,000, which has caused more worries among crypto investors.

Similarly, more coins have dropped lower in less than 48 hours. Ethereum (ETH) fell 16 percent to $1,949, Shiba Inu (SHIB) dropped 22 percent to $0.00001067, and Solana (SOL) sold at $45.

The dip affects the global cryptocurrency market cap which fell to $1.27 trillion and has wiped more than $1.5 trillion from the overall crypto market.

The crypto market is said to be affected by the Russian-Ukraine crisis, and Covid-19 in China among other reasons.

Also, more countries have restricted cryptocurrency transactions.

The Central Bank of Nigeria (CBN) had placed a ban on cryptocurrency transactions in Nigerians.

The apex bank claimed that they are largely used in terrorism financing, and money laundering, considering the anonymity of virtual transactions.


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