Medalie a research director at cryptocurrency market data provider kaiko says that Cryptocurrencies are no longer an isolated risk asset and are responding to changes in global policy,”

According to  coindesk. Bitcoin the most valued cryptocurrency has dropped to its lowest price since August  2021. And this time around, the fall came after the stock market selloff that saw Wall Street stocks drop on Thursday. Hopes are high that the dip will soon be over and bitcoin will add more zeros by the end of the year.

Perhaps the main reason for the dip, however can be linked to Russias plans of banning mining the coin,  as explained by Jason Deane,  an analyst at digital asset research firm Quantum Economics.

Same time , increased adoption of bitcoin in high inflation economies creates a confusing market picture which leads to lack of decisive direction.

As at now.. 1 Btc equals 14,756,410.40 Nigeria naira.

The price of bitcoin is said to have fallen by 17.63% in the past few days. The price declined by 8.51% in the last few hours. Nd in the past hour, the price grew by 0.79%.  And the current price is 14,756,410.40 Nigeria naira per BTC. Bitcoin is 48.08% below the all time high of NGN 28,544,256.97. And the current circulating supply is 18,936,675 BTC.