The ongoing meltdown in the cryptocurrency industry could push an estimated four million Kenyans who hold the digital assets deeper into losses as the leading crypto Bitcoin struggles to stay above the key level of Sh2.3 million ($20,000).
The crypto market, known for its wild price swings, has shed more than half of its value since November last year as investors pulled out money from riskier assets amid worries over soaring inflation and rising interest rates.
This has hit the estimated four million Kenyans, mainly young and small traders, who in recent years have flocked to cryptocurrencies in the hope of quick returns, despite warnings from regulators like the Central Bank of Kenya (CBK) that the emerging assets can be high risk.
Blockchain analytics firm Chainalysis, which ranks countries on crypto adoption, revealed that Kenya has about four million crypto-investors. Chainalysis relies on web-traffic data to P2P platforms to track crypto usage in different countries.
The firm,...
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