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

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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

5 min read Last Updated : May 18 2022 | 4:54 PM IST

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.â€ 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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