In a sudden turn of events, Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, fell below the $59,000 mark early Thursday, erasing weeks of gains.

The sharp decline was attributed to remarks from US Federal Reserve Chair, Jerome Powell on inflation reduction and intensified selling pressure following a $9-billion release from Mt. Gox.

The market downturn also affected other major cryptocurrencies.

Ether experienced a significant drop, losing over 4% to fall below $3,200. Other leading cryptocurrencies, including Binance’s BNB, Solana, and Dogecoin, saw declines of 5.8%, 9%, and 6.5%, respectively.

The overall Market Fear & Greed Index, as reported by CoinMarketCap, stood at 45, indicating a neutral sentiment.

Despite the widespread downturn, Worldcoin (WLD), led by Sam Altman, defied the trend, emerging as the biggest gainer with a nearly 6 percent increase over 24 hours.

Conversely, Akash Network (AKT) suffered the most significant loss, plunging almost 13 percent in the same period.

After consistently trading above $60,000, Bitcoin fell to under $59,000, down more than 3.8% in the last 24 hours.

The decline is attributed to concerns over the Mt. Gox exchange’s payout process. Administrators of the now-defunct platform are set to distribute more than 137,000 Bitcoins, valued at around $8 billion, to creditors.

This substantial payout, which will occur in phases, has sparked fears that creditors might sell off their returned crypto assets, leading to further price drops as creditors of Mt. Gox will receive their repayments in Bitcoin (BTC) and Bitcoin Cash (BCH).

Starting July 8, 2024, the Nigerian government will implement a 7.5 percent Value Added Tax (VAT) on cryptocurrency transactions for users registered in the country.

This move was announced by the popular cryptocurrency platform, KuCoin, in an email to its Nigerian users.

KuCoin stated in the notice: “We are writing to inform you of an important regulatory update that impacts out users from the Republic of Nigeria.

“Beginning July 8th, 2024, we will collect a Value-Added Tax (VAT) at a rate of 7.5 percent on transaction fees for users whose KYC information is registered in Nigeria.”

Nigeria’s cryptocurrency market is substantial, with official data indicating an annual transaction volume of $59 billion.

Additionally, Ray Youssef, director of the cryptocurrency platform NoOnes, reported that peer-to-peer trading in Nigeria is valued at $500 billion annually.

This announcement comes on the heels of concerns raised by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who in February 2024 flagged a suspicious $26 billion that had been funneled through Binance without a trace.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has declared its audacious presence at the ongoing Energy week in Abuja, Nigeria.

This was contained in message on its official X handle, where it gave details of its exhibition booth and invited to visit so as “to learn how we drive investments and meet energy demand while ensuring”.

It stated, “We are excited to announce our participation in the @NOGEnergyWeek holding in Abuja, Nigeria, from June 30 to July 4, 2024.

“Visit our exhibition booth (E04) to learn how we drive investments and meet energy demand while ensuring #EnergyForToday and securing #EnergyForTomorrow.”