Bitcoin, which is the largest cryptocurrency by market capitalization has dropped about $4000 in less than two days after surging to a record high, according to data obtained from coinmarketcap.com.
The price of the cryptocurrency traded 4.1 percent higher on Tuesday, 9 November 2021, reaching $68,013 by noon.
The cryptocurrency has continued to gain acceptance worldwide as an alternative mode of payment to fiat currency.
It has received endorsements from Elon Musk, the world’s richest man and Tesla CEO; Mastercard, among others.
The Bank of New York Mellon Corp., an American investment banking services holding company, had announced that it would hold, transfer and issue Bitcoin and other cryptocurrencies for institutional customers.
Since the start of October, Bitcoin has seen a bullish run, with the crypto market in total adding nearly $1 trillion to its total value in one month.
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The total market capitalisation of the crypto market stood at $2.84 trillion as of the time writing this article on Thursday afternoon.
Ethereum, the second-largest cryptocurrency by market capitalisation, also reached a record high of $4,833, surpassing the $4,800 level for the first time. It however retreated to $4,710.
In Nigeria, the Central Bank of Nigeria (CBN) had warned citizens against trading in cryptocurrencies. The apex bank, in preparation for its digital currency (eNaira) in February, directed banks to close accounts of persons or entities involved in cryptocurrency transactions.
It warned that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows, and other criminal activities.
