Damilola Aina, Abuja

Bitcoin, the world’s largest crypto by market cap, has slided 12 percent to $24,138 for the first time since December 2020.

It is the latest in a series of price crashes for the cryptocurrency, which has seen it drop more than 60 per cent in value over the last seven months.

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 percent to $1,238, Shiba Inu (SHIB) dropped 12 percent 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, 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.

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.