eNaira: Hundreds of billions wiped from crypto market as Bitcoin crashes

The price of bitcoin crashed on Wednesday morning, dropping by thousands of dollars in the space of just a few minutes.

The cryptocurrency fell below $59,000 following the flash crash, down more than $5,000 from the levels it was trading at earlier this week, according to The Independent 

The latest price drop comes less than a week after BTC hit a new all-time high of close to $67,000.

Blockchain data suggests today’s price crash is partly fuelled by long-term holders taking some profits, which typically happens after bitcoin hits a new all-time high.

Any sudden dip in price of more than a couple of per cent can trigger panic selling from crypto investors, though severe dips also typically attract new buyers.

This comes as Nigeria launched her digital currency, the eNaira on Monday. 

The Central Bank of Nigeria has said the eNaira is not a cryptocurrency as that is banned in the country.