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Bitcoin, the world’s largest crypto by market cap, on Monday fell below $33,000 for the first time in 10 months.
The volatile asset had last recorded its lowest price in July 2021.
In January 2022, the digital currency fell as low as $38,000 from an all-time high of $68,990 recorded in November 2021.
According to CoinMarketCap cap, the Bitcoin price dropped by 5 per cent to $32,832 at 15:00 GMT +1.
The cryptocurrency continues to struggle back to its highest level since the beginning of this year.
Other coins such as Ethereum sold at $2,412, Dogecoin (DOGE) fell 6 per cent to $0.1176, while Shiba Inu (SHIB) dropped 11 per cent to $0.0000167.
Following the dip, the global cryptocurrency market cap fell to $1.58 trillion, with Bitcoin’s $627 billion accounting for just under 40% of that sum.
The Central Bank of Nigeria (CBN) had placed a ban on cryptocurrency transactions in Nigerians.
The apex bank claimed that they are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.
