Bitcoin falls 5% to $75,480, Nigeria bans algorithmic stablecoins

On November 6, the cryptocurrency market experienced a broad decline, with major assets losing value over the past 24 hours. At 14:13 UTC, CoinGecko data indicated sharp drops in both leading and secondary tokens. Bitcoin traded at $75,480, down 5% on the day, while Ethereum stood at $2,224.90, representing a 6.65% decrease. The Crypto Fear & Greed Index measured 28, placing market sentiment firmly in the ‘Fear’ category. Market snapshot: Leading tokens drop, sentiment weakens Among the top digital assets, BNB was priced at $693.85, down 2.24%. XRP saw the steepest decline among the leading coins, sliding 9.5% to $1.18, while Solana gave up 5.56% to reach $89.82. The price drops reflect continued market uncertainty and risk aversion among investors. The overall negative sentiment persisted throughout the day, with no single catalyst identified for the broad sell-off. According to analysts, the current mood is characterized by caution, as reflected by the low reading on the Fear & Greed Index. The Fear & Greed Index recorded a reading of 28, representing ‘Fear’ as investors responded to declines across major cryptocurrencies including $BTC, ETH, and XRP. Given such rapid market shifts, tools that provide real-time price monitoring and up-to-the-minute sentiment indicators can be essential for investors. CryptoAppsy enables users to track prominent cryptocurrencies live, set smart alerts for sharp price movements, and view sentiment data in one place. During periods of heightened volatility, these features can help investors stay informed and make timely decisions without having to navigate multiple platforms. Nigeria moves to ban algorithmic stablecoins, tightens crypto rules Nigeria has initiated a ban on algorithmic stablecoins and announced new reserve requirements for stablecoin issuers, expanding the central bank’s oversight of crypto payment services. The measures, confirmed by government statements, aim to strengthen regulatory controls and mitigate risks associated with these instruments. Alongside the ban, issuers will be subject to stricter reserve mandates and compliance checks. Authorities stated that these steps form part of a wider campaign to align Nigeria’s payments sector with international standards and address concerns over financial stability. The new rules are specific to Nigeria and do not affect regulations in other jurisdictions. Officials indicated the ban on algorithmic stablecoins and reserve requirements are intended to satisfy regulatory aims for resilience and transparency in Nigeria’s crypto payments sphere. Core Scientific to exit Bitcoin mining by year-end Core Scientific revealed plans to cease all Bitcoin mining operations before the end of 2026 and transition exclusively into a data center service provider in 2027. The company, which generated only 7.5% of its last quarter’s revenue from mining activities, reported strong growth in its artificial intelligence hosting segment. Executives outlined the change as a strategic pivot toward high-value data center services.