The crypto currency market has lost over 1 trillion US Dollars since November 2021, as major crypto currencies continue to crash steeply.
Famous business magazine, Forbes, reported on Monday that the value of Bitcoin, the most valuable crypto currency, has fallen by half and now stands at $33,500 (FCFA19.4 million), down from $70,000 (FCFA40.5 million) in November last year.
Forbes also reports that Ether, the second most valuable crypto currency, lost half its value in the last 24 hours and one Ether now stands a $2,200 (FCFA1.2 million).
“Both currencies are at their lowest points since July last year and have shed around half their values since reaching record-breaking highs in November,” Forbes wrote on Monday, Jan. 24.
The down turn in the crypto market cuts across all major currencies, including XRP, cardoon, Solano and Binance, which have also devalued steeply in the last 24 hours.
Analysts blame the record-high crash on recent measures taken by the US Federal Reserve to combat inflation, including by raising interest rates.
In November 2021, just weeks ago, the overall crypto currency market was valued at 3 trillion US Dollars, but it is now worth $1.59 trillion, marking a 50 percent decline.
Despite the crash, many people are still buying crypto as a speculative measure to garner quick profits in future.
One of such people is Cameroonian-born heavyweight champion, Francis Ngannou. Before his recent UFC fight during which he emerged champion for a second time, Ngannou said he will take half of his pay in Bitcoin, according to Bitcoin Magazine.
Also, South American country, El Salvador, recently bought 410 more Bitcoins, amounting to FCFA7.9 billion.