Naira Trades Flat as Bitcoin Crashes Below $20,000

June 18, 2022
Bitcoin like a Pro

By Adedapo Adesanya

The value of the Naira remained unchanged against the United States Dollar in the various segments of the foreign exchange (forex) market on Friday, June 17.

In the Investors and Exporters (I&E) window, the local currency was exchanged for the US Dollar at N420.50/$1, the same value it was transacted on Thursday.

In the interbank segment of the market, against the British Pound Sterling, the domestic currency closed flat at N505.19/$1, while against the Euro, it also closed flat at N432.34/€1.

Similar, at the Peer-to-Peer (P2P) window, the Naira showed no movement against the United States Dollar as it retained the rate of N617/$1.

As for the cryptocurrency market, Bitcoin’s price has crashed below the iconic previous all-time high of 2017 at $20,000.

This happens as the entire market tumbled amid rampant rumours and ongoing challenges.

For the first time since December 2020, the price of BTC traded below $20,000, dropping to a low of $19,200, which is below the iconic previous all-time high from 2017 – $19,700.

This is happening due to the deepening stress within the crypto industry which keeps piling up against a backdrop of monetary tightening.

The US among other countries have hiked their interest rates and this is making it difficult for volatile-prone assets to withstand the pressure.

Further, according to data harvested by Business Post across crypto exchanges, Solana (SOL) went down by 10.2 per cent to trade at $28.54, Ethereum (ETH) saw a 9.3 per cent depreciation to trade at $1,004.78, and Binance Coin (BNB) recorded a 9.2 per cent decline to sell at $200.77.

In addition, Cardano (ADA) retreated by 8.5 per cent to $0.4587, Ripple (XRP) depreciated by 8.4 per cent to trade at $0.3083, Dogecoin (DOGE) went down by 8.0 per cent to sell at $0.0529, TerraClassicUSD (USTC) dropped 6.1 per cent to $0.0068, Litecoin (LTC) declined by 5.9 per cent settle at $44.65, while the US Dollar Tether (USDT) shed 0.01 per cent to close at $0.9989.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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