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    Spain needs over 60,000 additional workers in Hospitality Industry, where to find the jobs

    Spain needs over 60,000 additional workers in Hospitality Industry, where to find the jobs

    2023: Labour Party eyes N80,000-N100,000 minimum wage

    Labour Party dismisses suspension of National Chairman Abure

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    FG advises Nigerians to be guided by UAE new visa regime

    FG launches passport production facility in Osun

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

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    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rose to N46.25 trillion in 2022, 84.73% of bilateral debt owed to China

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    CBN raises interest rate for the 6th consecutive time

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

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    UBA announces N0.90 final dividend for 2022 financial year

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    List of Dividends announced in 2023, qualification and payment dates

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    JUST IN: OANDO Plc to delist from Nigerian Exchange, Johannesburg Stock Exchange

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    The NGX- ASI Increased By 90bps, as Dangote Cement gains 5.07%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 1.16% as Dangote Cement falls 4.17%

    List of Stockbrokers in Nigeria

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    Custodian Investments Plc announces 55 kobo final dividend for 2022 FY

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    UBA suffers maximum possible loss on NSE as investors dump the stocks

    UBA reports N170.28 billion profit for 2022 financial year

    UAC of Nigeria Plc declares 22 kobo Dividend for 2022 FY

    UAC of Nigeria Plc declares 22 kobo Dividend for 2022 FY

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    Zenith Bank Plc announces N91 billion final dividend for 2022 FY

    Board of Fidson Healthcare Plc approve 55 kobo Dividend

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    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

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    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

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    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

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    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

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Bitcoin crash drags Tesla, Coinbase, Microstrategy

Thursday, 20 May 2021, 5:52 am
in Markets, Stocks/Equities
0
Bitcoin fell below $32,000 on ‘double-spend’ report and possible ‘curtail’ by U.S lawmakers
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Tesla fell as much as 5% to $546.98 at one point on Wednesday due to sell-off resulting from Bitcoin crash amid turmoil in Cryptocurrency market.

However, it slightly recovered to close 2.46% down at $563.46 and further lost 0.91% in after hours.

The equity price of Tesla has been moving in line with Bitcoin price since the company disclosed that it had invested $1.5 billion in the most popular cryptocurrency. In Q1 2021, Tesla made more from Bitcoin than selling cars, after it sold a portion of its Bitcoin holding.

The world’s most popular cryptocurrency plunged as much as 30% on Wednesday to just above $30,000, its lowest level since late January.  It has recovered above $39,000 on Thursday morning.

Amid the turmoil in Cryptocurrency market on Wednesday, Elon Musk in a tweet suggested that Tesla is holding on to its Bitcoin with a diamond hand and would not sell.

Tesla has ? ?

— Elon Musk (@elonmusk) May 19, 2021

On May 12 Tesla announced that it would stop accepting Bitcoin as payment over environmental concerns. On the day of the announcement, more than $300 billion was wiped off cryptocurrency market capitalization.

China on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading, sending another shock wave to the entire crypto market.

Tesla was not alone in the sell-off, Coinbase fell over 12% at point during the intraday trading to trade at $208 per share. However, it recovered to $224.8 at the close of trading on Wednesday and a further 2% in after hours. Its market cap has dropped from around $100 billion post IPO to less than $50 billion.

Microstrategy, another company that holds a large amount of bitcoin for its corporate treasury, was down by more than 15% to $411.58. However  it closed at 6.64% at $454.86 and lost a further 1.07% in after hours.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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