By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Bitcoin Continues Downward Slide
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

Bitcoin Continues Downward Slide

Farouk Mohammed
By Farouk Mohammed
Published: January 8, 2017
Share
3 Min Read
SHARE

Bitcoin has continued a downward slide as cryptocurrency plunged by as much as 12 percent on Friday on track for its heaviest two-day drop in two years.

 

Contents
Bitcoin has continued a downward slide as cryptocurrency plunged by as much as 12 percent on Friday on track for its heaviest two-day drop in two years.Bitcoin

Bitcoin

 

Bitcoin had been on a tear until Wednesday, gaining more than 40 percent in two weeks to hit around $1,139 on the Europe-based Bitstamp exchange, just shy of its all-time record of $1,163.

- Advertisement -

But the Web-based digital currency plunged on Thursday, falling as much as 20 percent at one point. It continued that fall on Friday, with its losses accelerating.

It fell as low as $871, down almost a quarter from its peak on Wednesday, before recovering to about $900 by 1455 GMT. That still left it down 10 percent on the day and on track for its worst two-day performance since January 2015.

Meanwhile, China’s central bank has noted in a statement that Bitcoin prices had shown abnormal fluctuations in recent days, and said those investing in it should do so carefully, with awareness of the currency’s volatility.

The trading between Chinese Yuan and Bitcoin had made up about 98 percent of the market for the past six months, according to market analyst because there are no trading fees on Chinese exchanges, making it is much easier to get in and out of trades and therefore creates a higher trading volume.

- Advertisement -

The central bank’s words carried echoes of its 2013 warning that financial institutions should steer clear of the digital currency, which sparked a $300 slide in Bitcoin. It also repeated on Friday its 2013 view that Bitcoin is not a currency and could therefore not be circulated as a real currency in the market.

“This is the Chinese authorities saying: we’re watching,” said Charles Hayter, CEO of digital currency data analysis Website Cryptocompare, adding that “The relative size of the Bitcoin market is minor, but trading has reached up to $10 billion a day on the Bitcoin-yuan pairs”.

“The full meaning of the government’s comments is not 100 percent clear, but restrictions and regulation of trading is one avenue that could affect volumes and therefore price,” the CEO added.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Bitcoin
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Ghana’s President Nana Akufo-Addo Accused of Plagiarism In His Inaugural Speech
Next Article Ghana’s President Nana Akufo-Addo Apologizes For Plagiarism In His Inaugural Speech

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?