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    Samsung heir Lee Jae-yong receives special presidential pardon

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    Samsung heir Lee Jae-yong receives special presidential pardon

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    Samsung heir Lee Jae-yong receives special presidential pardon

    Samsung heir Lee Jae-yong receives special presidential pardon

    States salary survey: Abia State owe workers over 30 months salary

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    Mission around Taiwan is accomplished, regular patrols will continue – China

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    US economy adds 528,000 Jobs in July, exceeding expectations

    US economy adds 528,000 Jobs in July, exceeding expectations

    NMDPRA to fast-track issuance of reviewed petroleum regulations

    NMDPRA to fast-track issuance of reviewed petroleum regulations

    NNPC says no plan to increase petrol price in March

    Petroleum subsidy cost jumps 1,452% from N257bn in 2006 to N4trn in 2022 – BudgIT

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    Jan-April 2022: Nigeria spent N4.72trn, only 16.4% is capital expenditure

    States with highest and lowest diesel prices in Nigeria

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

    Just in: CBN raises interest rate to 14%

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    Just in: Inflation rises to 18.60% in June, highest in over 5 years – NBS

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    Germany’s energy giant hit by gas crisis seeks government bailout

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    Cutix Plc founder sells additional 1.8 million shares of the company

    Seplat’s Non-Executive Director sells shares worth N25.33 million

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    Samsung heir Lee Jae-yong receives special presidential pardon

    Samsung heir Lee Jae-yong receives special presidential pardon

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    The price of Flour Mills’ Mandatory Takeover Offer to Honeywell Shareholders revealed

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    Wema Bank Plc issues notice of AGM, share capital reconstruction among agenda

    Resolutions passed at BUA Foods Plc’s 1st AGM

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    Acquisition of Mobil Producing Nigeria Unlimited by Seplat gets President Buhari’s approval

    Acquisition of Mobil Producing Nigeria Unlimited by Seplat gets President Buhari’s approval

    Ibom Air makes emergency evacuation of passengers in Lagos

    Ibom Air makes emergency evacuation of passengers in Lagos

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    Is Taiwan a part of China? A short history of Taiwan

    Is Taiwan a part of China? A short history of Taiwan

    Brent crude oil price rise above $70 on OPEC projections

    From a peak of $11.5bn under GEJ to $376.65k under PMB, how the OBJ created Excess Crude Account got depleted

    Ogun & Lagos sign MoU on rail project, WHY NOT South East?

    Ogun & Lagos sign MoU on rail project, WHY NOT South East?

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    How Germany came to rely so much on Russia for gas

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    Zoonoses day: understanding and preventing Zoonotic diseases

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    Anambra Election Post-Mortem – a Personal Opinion

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    Exposure to tobacco smoke in early life is associated with accelerated biological ageing, study finds

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Home Markets Cryptocurrencies

Bitcoin falls below $30,000 after sell-off in global stock market

Tuesday, 20 July 2021, 8:17 am
in Cryptocurrencies, Markets
0
Bitcoin fell below $32,000 on ‘double-spend’ report and possible ‘curtail’ by U.S lawmakers
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Bitcoin fell below $30,000 Tuesday morning, for the first time since June 22, with Ethereum plunging to nearly $1,700.

Bitcoin and Ethereum were not alone in the fall. Other cryptocurrencies are also in red with nearly $98 billion wiped off the market in 24 hours as at 04:29 GMT on Tuesday, according to CoinMarketCap data.

At the time of writing this report, Bitcoin is down 6.67% at $29,715.7, Ethereum is down 7.95% at $1,756.52, XRP is down 9.54% at $0.53028, Dogecoin is down 7.67% at $0.163548, according to Investing.com data.

However, many cryptos are in a double-digit loss including Cardano, down 10.43% at $1.064244, Litecoin is down 11.77% at $106.028, Binance Coin is down 12.16% at $264.73, Vechain is down 12.89% at $0.58029.

Bitcoin has plunged over 50% since hitting an all-time high of nearly $65,000 in mid-April.

Read also: Unilever Nigeria’s profit after tax in H1 2021 soars by 237.6% YoY

The fall In cryptocurrencies followed a sell-off in global stocks on Monday, with FTSE 100 losing 2.34%, Dax lost 2.62%, S&P 500 and Dow Jones lost 1.58% and 2.09% respectively. While Nasdaq was down 1.06%. On the other hand, ASI closed 0.01% up, amid rising worries over Covid-19 Delta variant.

Asian markets that have opened on Tuesday morning are also down: Hang Seng is down 0.76%, Nifty is down 0.88%, while Shanghai is down 0.06%. However, FTSE 100 is up 0.72% as the market opened Tuesday morning.

“There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.

There are “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields,” Huang said. “Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.”

Bitcoin’s fall below $30,000 could be important, according to Ayyar, who said the sell-off could go lower to test the $22,000 to $24,000 level.

From then on, bitcoin could trade in a range. “I would see bitcoin between 20-40K ($20,000 to $40,000) for a while now before any bullishness returns,” Ayyar said.

Ifunanya Ikueze
Ifunanya Ikueze

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

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