Bitcoin crashed below $25,000 on Monday evening as investors continued to take out their funds from the cryptocurrency market.
This followed the declining investors’ confidence in the crypto asset’s ability to survive in the inflation-gripped global economy.
The value of Bitcoin fell by -16.48 percent in the last 24 hours, selling for as low at $22,601 before rebounding to $23,419 at the time of filing this report.
The crash is mirroring the stock market which has been struggling to lure investors into its fold.
The drop in the selling price of Bitcoin caused the crash in the digital asset’s market capitalization by $68 billion.
The BTC’s market value dropped from N510.25 billion posted on Sunday to $441.58 billion on Monday.
Year-to-date, the digital currency has lost $22,892.74, depreciating by -49.4 per cent from $46,311.74 per coin to $23,419 within six months.
The dip in BTC followed moves by central banks across the world trying to tame inflation with Nigeria struggling to exit a double-digit inflation rate of 16.82 percent while the United States is moving to prevent a double-digit after recording 8.6 percent, the country’s highest inflation rate in 40 years.