Thousands of crypto millionaires now broke as bitcoin crash empty their wallets

• Cryptocurrency Investors will remember the previous 24 hours in tears as their wallets go empty following the drop in Bitcoin value
• On Friday, 21 January one unit of Bitcoin sank around $38,000 mark, losing as much as 7 percent
• There have been several warnings that bitcoin millionaire traders could lose all in the coming years

Cryptocurrency investors suffered a major blow after Bitcoin, other coins dropped in value wiping out over N296.68bn in assets less than 24 hours

Data from CoinDesk shows Bitcoin plummeted below 8% and was trading at $38,5K in the early hours of Friday.

The drop in the value of Bitcoin saw 185,480 traders wallets liquidated and will now have to look for new money to invest.

Experts had warned previously that bitcoin might fall below $40K due to concerns of pending interest rates hike and crypto ban proposal set in place by the Russians, Nairametrics reports.

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In fact, Since November, bitcoin prices have tumbled more than 40% from their record high of $69K and have been sitting on a critical support level for some time.

Other losses

Etheruem, the second-largest cryptocurrency by market cap, dived 8% in the last 24 hours. It was trading as low as $2,860 for the day according to data seen from FTX exchange.

The largest single liquidation order happened on Bitmex – XBTUSD value $9.91 million.

Binance had the most liquidations of all the exchanges, with $173 million, 91% of which were long positions. In second place was Asian-focused exchange Okex, with $170 million in longs.

Cryptocurrency trading not allowed in Nigeria

Meanwhile, Legit.ng reported that the Central Bank of Nigeria (CBN) has insisted that all cryptocurrency trading is an illegal forex transaction in the country.

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The federal high court sitting in Abuja on Tuesday, August 17, granted the request of the CBN to freeze accounts belonging to some technology trading platforms offering local and foreign stocks.

In his ruling, Justice Ahmed Mohammed, granted the prayers of the apex bank to freeze the accounts of RiseVest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited for 180 days.

Source: Legit.ng