Crypto Live News Today : Feb 19th

In the past 24 hours, around $350 million in liquidations, including $277 million from long positions, hit the crypto market. The turmoil followed Bitcoin’s sharp volatility, briefly soaring to $96,000, then plunging to $93,000, and rebounding to $95,000. These sudden price shifts triggered forced closures of leveraged positions, with many traders incurring significant losses. Despite the chaos, some market watchers remain hopeful, pointing to historical recoveries after steep drops.

Nigerian authorities are increasing up attempts to regulate and tax cryptocurrency transactions in order to boost income and mitigate digital asset dangers. Despite an original ban in 2021 due to illegal financing concerns, peer-to-peer trading sparked a regulatory reversal. The restriction was abolished in December 2023 and replaced with SEC rules, a licensing system for virtual asset service providers, and the Finance Bill 2022, which includes crypto taxes. However, hefty compliance costs may stifle innovation as compared to South Africa’s organized regulatory framework.