Naira gains at official market as price of Bitcoin crashes

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Naira appreciated marginally on Wednesday against the US dollar at the Investors and Exporters window, where forex is traded officially to close at N415.07/$1. This represents a 0.01% gain when compared to the N415.10 that was recorded on Tuesday, 26th October 2021.

The opening indicative rate closed at N414.44/$1 on Wednesday, representing a 40 kobo drop when compared to N414.04/$1 recorded in the previous trading day.

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N405/$1 during intra-day trading.

Meanwhile, the naira remained stable against the US dollar on Wednesday at the parallel market to close at N570/$1, representing the same rate when compared to the N570/$1 that was recorded as of the close of trading activities the previous day.

Forex turnover at the official window rose by 26.6% on Wednesday, 27th October 2021.

According to data tracked from FMDQ, forex turnover at the I&E window declined from $200.74 million recorded on Tuesday to $147.44 million on Wednesday 27th October 2021.

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The price of Bitcoin  crashed on Wednesday morning, dropping by thousands of dollars in the space of just a few minutes as it fell below $59,000.

The world’s largest and most popular cryptocurrency, Bitcoin, was down by 2.29% on Wednesday evening to trade at $59,156.93 as the euphoria over the first US crypto ETF dissipated and traders took profits following a record breaking rally.

The global cryptocurrency market cap on Wednesday, October 27, was standing at $2.48 trillion on a day that emerging altcoin Shiba Inu registered record growth after an anonymous buyer purchased 277 billion tokens.

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The total crypto market volume over the last 24 hours was $142.61 billion. This is a whopping 43.84% increase over the course of the last 24 hours, mostly due to the huge amount of Shiba Inu tokens purchased by an anonymous buyer.

Meanwhile, the second-largest cryptocurrency by market capitalization, Ethereum, was also down by 5.16% to trade at $3,998.29 on Wednesday. XRP was down by 10.02% to trade at $1.00 on Wednesday.

The price crash in the crypto market was partly fueled by long-term holders taking some profits, which typically happens after Bitcoin hits a new all-time high.

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