Bitcoin falls Sharply, 2022 Prospects Shaky

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Bitcoin, the world's most popular cryptocurrency by market capitalization, dropped approximately N1.3 million on Tuesday, December 27, 2021, as it traded at N19.9 million, near its support level, which analysts believe is critical for assessing its prospects in 2022.

Cryptocurrency
Cryptocurrency

According to a report by Nairametrics, losses caused by cryptocurrency market liquidations reached N153. 5 trillion on Tuesday, December 27, 2023.

At the Cryptocurrency futures market, 129,644 traders were liquidated. The largest liquidation order, valued at N2.07 million, was placed on Bybit. On Tuesday, December 27, 2021, Bitcoin reached a high of 4.5 percent and was trading at around N20.8 million at around 6 p.m. WAT.

According to FTX Exchange, several smaller tokens including Solana, Cardano, Polkadot, and meme currency Dogecoin have also plunged. Crypto investors, notable whales, have begun pulling out of speculative markets in recent weeks, fearful that the central banks' incentive program is dwindling.

The extent to which Bitcoin and the rest of the crypto world are vulnerable to this risk is a contentious topic. Bitcoin values have historically mirrored the price of riskier assets like US stocks. Since December, the S&P 500 index of the top corporations has gained approximately 5%, while bitcoin has lost about 10%.

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