Business
Bitcoin Records Biggest Daily Loss, Sheds More Than Half Of Its Value
Investors have witnessed a huge loss after bitcoin lost more than half of its value early Friday.
Millions of people who invested in cryptocurrency, Bitcoin have suffered a huge loss after the flagship crypto suffered massive loss early Friday..
It shedded almost all the gains it recorded in 2020, as it suffered its largest daily drop since the market crash of March 2020.
According to Nairametrics, some crypto experts posit that such losses are coming from widespread profit-taking by U.S. and European investors, and that worries about extra regulation has driven the crypto asset toward a weekly loss of more than 25%.
Top-rated crypto assets like Ethereum plunged by almost 16%, while Chainlink also recorded double-digit percentage losses.
Also weighing on prevailing market conditions seen across the crypto-verse, data retrieved from Glassnode, a crypto analytic firm, reveal bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC.
The previous 3-month low of 16,903,691.779 BTC was observed on 11 December, 2020
What this means: Consequently, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such rally this year.
”Competition has started again” – Reactions trail Regina Daniels and co-wife, Laila’s posts about their husband, Ned Nwoko
“Only self!sh men are intimidated by women’s success, you should be happy that your woman is successful” – Actress Diva Gold to men
“She forms hard to get, but I slept with her the first day I came to her office” – IVD makes bombshell revelation on his relationship with Blessing CEO (Video)
“There’s hunger, however there’s huge” hope – Tinubu Lament
“Simon Ekpa is not our member” – IPOB stated
“God is still in the business of doing wonders, please keep trusting God” – Emotional moment gospel singer Yinka Alaseyori serenades actress Dayo Amusa who gave birth to her first child at 41 years (Video)
Diddy claims prosecutors showed judge edited Cassie video to make him look dangerous
“They don’t look so happy” – Reactions trail video of Chioma and Hailey at Davido’s concert
-
News2 days ago“There’s hunger, however there’s huge” hope – Tinubu Lament
-
News2 days ago“This is m@dness” – Young man disrupts the peace inside banking hall as he plays song using his JBL speaker, clip trends online (Watch)
-
Biafra2 days agoFG confirms arrest of Simon Ekpa by Finnish authorities
-
Lifestyle2 days agoNigerian man who passed away 10 years ago confesses he’s currently in Lagos, reveals big secret