Small investors lose faith and savings in cryptocurrencies after sell-off

Cryptocurrencies are subject to patchy regulation across the world, with traders of bitcoin and the panoply of smaller tokens typically unprotected against price slumps

bitcoin, cryptocurrency

Bitcoin, the world's largest cryptocurrency, fell as low as $25,401 on Thursday, its lowest since Dec. 2020. It hit a record high of $69,000 in November.

Reuters Washington/Mumbai
Nofe Isah, a 25-year old based in Nigeria, has been investing in crypto since January. Last week, she lost all of her $5,000 in savings as cryptocurrency luna went into free fall.

Isah, a recently unemployed administrative officer, vowed she would never invest in crypto again.

"I can't believe I fell for crypto," she told Reuters by phone. "I'm just trying not to get myself depressed. Crypto has taken my money, fine. It shouldn't take my head.†The crypto market, known for its wild price swings, slumped last week as investors yanked money from riskier assets amid worries over soaring inflation and rising interest rates.

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First Published: May 18 2022 | 4:54 PM IST

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