The most popular cryptocurrency, Bitcoin, saw a global price decline of 65.29 percent in 2022. In a year that was shaken by cryptocurrency scandals, with the fall of FTX dominating the airwaves, this occurred as the adoption of digital currencies fell.
According to the report, the second quarter of 2021 saw the current all-time high for cryptocurrency adoption worldwide. Despite this decline, developing nations like Nigeria still dominate the adoption of cryptocurrencies.
Despite this decline in market value, Nigerians increased their BTC investment by 5% in 2022, per a report from The PUNCH. The PUNCH previously reported that BTC traders were bemoaning their losses due to the decline in BTC’s price.
One trader who wished to remain anonymous said, “I have been in crypto for a while. “While the price of BTC has rebounded to $17,348.36 as of 5:15pm Nigerian time, a sense of impending doom remains.