Bitcoin price drops below $25,000, lowest since December 2020

The world’s largest crypto by market cap, Bitcoin, has dropped 12 per cent to $24,138.

According to CoinMarketCap, the price of bitcoin stood at $24,063 on Monday at 11:00 GMT+1.

On June 6, bitcoin reached $31,371, the highest in the past month.

Other coins have fallen lower than expected — Ethereum (ETH) fell 15 per cent to $1,238, Shiba Inu (SHIB) dropped 12 per cent to $0.000007668, Dogecoin (DOGE) sold at $0.05561, and Solana (SOL) sold at $27.

The development also affected the cryptocurrency as the market cap dropped from $1.27 trillion to $975.71 billion in one month.

Although the crypto market is said to have been affected by the ongoing war in Ukraine, president of El Salvador, Nayib Bukele, had called for a meeting with 44 countries to discuss how digital currencies can aid financial inclusion.

Recall El Salvador, a country in South America, was the first to adopt Bitcoin as legal tender.

In Nigeria, the Central Bank of Nigeria had warned and banned cryptocurrency transactions in the country.