Crypto plunged and lost $530Million within a Day

The innovation of crypto currency as a means of payment is the greatest innovation since computer was invented. The acceptability of the digital currency has come as a shock to Central Bank authorities all over the world. The storage and preservation of value the digital currency brings is better than all forms of money, receipt money, fractional money and fiat money. Money serves three purposes, it’s a medium of exchange, and it’s a store of value and a unit of account. Crypto currency fulfills all these parameters, and it’s a strong hedge against inflation.

The emergence of the digital currency has disrupted banks and financial regulations. The markets itself is the regulator crypto currency. The acceptance and demand by topmost financial investment banks have brought a lee way into the crypto market. The radical acceptance by the tech community is a testament that the digital currency is here to stay. Block chain technology is currently been accepted in many developed countries and international payment system. The top financial institutions are creating their own block chain based system.

These are undulating times for many crypto currency investors, according to information gathered on Bybt.com a crypto currency and future trading platform. Last week the crypto currency rose by 7% from $35,000 to $38,000 within a week. The high demand of this currency overheated the market; the surge brought a bubble, the resulting effect of that was a plunge which caused $527Million lost in a day. According to experts who are leaders in the crypto currency. They all agreed that the buying pressure had ceased in recent days. Leading financial regulators has warned the public about the high volatility of the currency but the resilience of crypto currency is a financial surprise to experts, players and financial regulators. In 2020 Nigeria traded crypto currency more than $400Million which was the highest in Africa. The crypto investors in Nigeria are the most resilient in the continent and they are very risk neutral, the loss would not affect the appetite of Nigeria’s crypto investors. Crypto currency is here to stay in Nigeria.