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Thousands of Kenyans Lose Millions of Shillings in Bitcoin After Buying The Dip

Cryptocurrency is one of the major investments across the world at the moment and millions of people have invested their money in the venture, hoping that they will soon hit a gold mine and become rich.

Picture courtesy. Image used for illustration.

Various terms have been coined as well as many cryptocurrency tokens and coins that are used the same way we use fiat currency in everyday lives to buy something or make transactions.

Buying the dip, is a cryptocurrency term that means, one invests in a coin whose value has dropped, hoping that the value will rise again and hence they make the profit.

However, sometimes, this is not the case as The Dip, never rises again and one ends up being stuck with worthless coins that are way below the value one invested and the possibility of the prices never rising becomes a reality.

According to reliable reports this morning, many Kenyans are said to have lost millions of shillings after the price of Bitcoin fell a few weeks ago prompting them to buy.

As of November 2021, the price of 1BTC was 69,000 USD, but at the beginning of February 2022, the price fell to about 37,500 USD which prompted many Kenyans to invest in the main crypto coin.

By the end of March, the price had risen to 5.5 million which signalled a profit for those who invested in February but as of now, the price of 1BTC stands at 3.6 million shillings meaning that those that were holding the coin, have made significant losses.

Kenya is ranked at number 12 among the countries with the most people who are holding cryptocurrencies.


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Cryptocurrency Kenyans The Dip


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