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.