The valueof the cryptocurrency dropped by 7.16 per cent within seven day to fall below $7,800 value.

As at yesterday, Bitcoin at the global market was selling for $7604.71 per unit, $586.76 lower than what it was last week. Analysts said theownturn in the price of Bitcoin was due to string of negative news and developments eroding investor appetite for the cryptocurrency.

Analyst at FXTM, Lukman Otunuga noted that “technical traders are likely to closely observe how prices behave above the $7500 level. Sustained weakness below this region could trigger a decline towards $7260. For bulls to jump back into the game, Bitcoin needs to secure a daily close above $8000.

Nigeria’s investment in the cryptocurrency space has moderated from N2.075 billion figure recorded for December 2016, as a study showed that about 56 per cent of crypto startups that raise money through token sales die within four months of their initial coin offerings (IOCs).

The findings of a Boston College study showed that only 44.2 per cent of startups survive after 120 days from the end of their ICOs.

The researchers, Hugo Benedetti and Leonard Kostovetsky, examined 2,390 ICOs that were completed before May, analysing the intensity of tweets from the startups’ Twitter accounts to infer signs of life.