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In 2020, Nigeria became the world’s second-largest Bitcoin market after the United States. As a country where its citizens have taken keen attention to cryptocurrencies, 

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It comes naturally as Nigerians react to the cryptocurrency dip on Twitter. Cryptocurrency investors woke up to the brutal crash of their crypto investment.

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Prices of leading currencies, including Bitcoin, Dogecoin,ethereum, BNB among others crashed 30% within 24 hours.

The crypto market took on the red jacket after CEO of Tesla Elon Musk said would no longer accept Bitcoin as a payment option for its electric cars. The billionaire quoted the disruptive energy used for Bitcoin mining as reasons for his outright change of development.

As the virtual asset market was still recovering, China “banned” the trading of cryptocurrencies, this caused another set of “Dumping” in the market, which proved the influence China had on the market as the most populous country in the world.

The aftermath of the decision by the Chinese authorities was not pretty for cryptocurrency investors around the world. In Nigeria where cryptocurrencies are relatively popular, The responses vary but mostly unhappy and painful experiences have been shared.

The Central bank of Nigeria in February instructed against investing in crypto trading and mandated banks to block accounts of customers who have affiliated with Cryptocurrency exchanges.

This did not quench the thrive of crypto in Nigeria, rather, it further spread the knowledge of Cryptocurrency around the country, The authorities are looking to regulate instead of banning the “wealth creation platform” as referred to by many.

Nigerian investors on Twitter are counting their losses, while some enthusiasts are urging others to buy the dip and the majority are “Cruising” about the situation.

According to Coingecko, The total value of 748 billion was lost by cryptocurrency investors due to this dip. Crypto’s total market cap dropped 33% from nearly $2.25 trillion as of May 16 to $1.50 trillion on May 23.

About The Author

By Queen Helen

Data Scientist, Tech Enthusiast and a Crypto Lover

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