Cryptocurrency Rout Continues, Drops to Lowest in One Year

• Cryptocurrency Rout Continues, Drops to Lowest in One Year

Cryptocurrency continued to fall amid rising uncertainty and growing regulatory scrutiny.

Bitcoin, the most dominant cryptocurrency, dropped to a year low on Friday as more investors seem to be pulling out funds due to allegations of price manipulation and lawsuits.

The virtual currency dropped 11.46 percent on Friday to trade at $3,200 a coin as at 1:00 p.m Nigerian time for the first time in over a year, before rebounding to $3,440.

Since peaking at $19,781 a coin during the bull run, Bitcoin has dropped a total of 84.28 percent of its value. On a yearly basis, the digital currency has now declined by 64 percent.

Bitcoin isn’t the only cryptocurrency falling as Ethereum, Bitcoin cash, etc lost between 11-15 percent each.

The total market capitalisation of all cryptocurrencies also fell to $110.6 billion on Friday, erasing $11.5 billion. Year-on-year, it dropped over 72 percent of its value from $813 billion attained on January 8.