Bitcoin Price Drops Below $33,000

The world’s largest crypto by market cap, Bitcoin on Monday fell below $33,000 for the first time in 10 months.

The volatile asset had last recorded its lowest price in July 2021.

The digital currency in January 2022 fell as low as $38,000 from an all-time high of $68,990 recorded in November 2021.

According to CoinMarketCap cap, the Bitcoin price dropped by 5 per cent to $32,832 at 15:00 GMT +1.

The cryptocurrency continues to struggle back to its highest level since the beginning of this year.

Other coins such as Ethereum sold at $2,412, Dogecoin (DOGE) fell 6 per cent to $0.1176, while Shiba Inu (SHIB) dropped 11 per cent to $0.0000167.

Following the dip, the global cryptocurrency market cap fell to $1.58 trillion, with Bitcoin’s $627 billion accounting for just under 40% of that sum.

The Central Bank of Nigeria (CBN) had placed a ban on cryptocurrency transactions in Nigerians.

The apex bank claimed that they are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.

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