Bitcoin, the world’s largest crypto by market cap, 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.
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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, Nayib Bukele, president of El Salvador, had called for a meeting with 44 countries to discuss how digital currencies can aid financial inclusion.
El Salvador, a country in South America, was the first to adopt Bitcoin as legal tender.
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Despite the move, the Central Bank of Nigeria (CBN) had warned and banned cryptocurrency transactions in the country. It also created the country’s own digital currency, eNaira.
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