The cryptocurrency market is facing significant losses after its second-worst weekly decline in 2024, with Bitcoin’s price dropping nearly 5% to $61,000. This decline is attributed to waning demand for Bitcoin exchange-traded funds (ETFs), ambiguity around U.S. Federal Reserve policies, and a general weak appetite for digital assets. Over the last 24 hours, 90,987 traders were liquidated, resulting in losses amounting to $283.23 million.
Despite the introduction of the first U.S. ETFs that invest directly in Ether, the market continues to struggle. Ethereum has fallen by 5% in the past day and 8% over the past week, while traditional assets like gold, bonds, and stocks have outperformed Bitcoin this quarter. The 200-day moving average of $57,500 is being monitored as a potential support level. Meanwhile, Solana has garnered interest from hedge funds specializing in digital assets.
In Nigeria, the NGX Regulation Limited (NGX RegCo) is enforcing strict compliance standards as part of its X-Compliance Report to maintain market integrity. Companies listed on the Nigerian Exchange Limited (NGX) face sanctions for failing to meet disclosure requirements. Recently fined companies include African Alliance Insurance Plc, VFD Group Plc, and FBN Holdings Plc, among others, accumulating fines totaling N76.8 million for various compliance failures.
Source: Daily Trust