Bitcoin, the world’s most traded cryptocurrency, slipped under USD 113,000 this week after a wave of liquidations erased more than USD 1.7 billion in positions across major exchanges. The sharp fall has renewed global attention on the risks of volatility, a story that millions continue to follow through the bitcoin price live feeds on major exchanges.

Billions Wiped Out in Hours

September 22 marked a decline in the cryptocurrency market, where trackable liquidations of positions were predominantly long, confirming a bullish market outlook. According to Coinglass data cited by FXStreet, the largest single liquidation was a $12.74 million BTC-USDT swap on OKX. Once Bitcoin fell below USD 116,000, the market became unbalanced, resulting in forced sell-offs.

The rapid decline in September in the cryptocurrency market is built on highly leveraged positions. For people in Ghana and the rest of Africa, the global economy is intertwined with the cost of crypto remittance and the willingness of small businesses to use digital payments. September highlighted the global implications of rapid declines in the leveraged cryptocurrency market. 

Current Price Picture

Even with the ongoing market turbulence, Bitcoin has managed to stay above USD 109,000. Closing at USD 109,623 on September 28, Bitcoin traded between USD 108,700 and USD 113,500. For the month, the coin has been broadly flat, although the market sentiment has shown a decline. Most of the market sentiment has been directed towards Bitcoin, as it continues to scale and command the market price. This is the same situation for Ethereum and other major tokens. However, the lack of major price activity on Bitcoin for the month has had a marked impact on sentiment and attention.

In Africa, the use of digital currencies is closely tied to mobile money and cross-border payments. This means that even those users who do not trade Bitcoin can still be impacted by the fundamental market dynamics, as the price obviously greatly affects sentiment and trust around the use of cryptos as a legitimate asset.

Ghana’s Growing Role

In Ghana, cryptocurrencies are still a niche market, but the users are not just a few, as young people, freelancers and students are using digital assets for savings and small-scale cross-border payments. Workers in Accra or Kumasi can be easily paid with Bitcoin or stablecoins for online tasks and it is commonplace to hear such payments mentioned in casual conversation.

Industry research indicates that millions of Ghanaians have some kind of cryptocurrency, making Ghana Africa's most active crypto market. Much of the increase is due to younger people, a large portion of holders being under the age of 35. While the specific figures may vary from different sources, the overall idea is that people are integrating digital assets into their daily finances.

The growing use of cryptocurrency is of interest to the Bank of Ghana. The bank is working on a regulatory licensing framework for crypto businesses that will be rolled out in 2025. The goal is to provide better guidance for crypto users and their businesses and to create balanced rules for all participants in the crypto ecosystem. Many experts believe this is a clear indication that crypto is rapidly advancing from a casual, unregulated use to a structured and regulated financial instrument.

Institutional Moves Abroad

Ghana is also working on regulatory approaches for crypto assets while international businesses continue to act without regulatory restrictions. In the US, investment firm Strive made headlines with the 1.34 billion dollar purchase of Semler Scientific and along with the purchase, over 5,800 BTC, worth around 675 million dollars. This increased Strive's BTC holdings to over 10,900 coins.

Even though this transaction took place at a great distance, its importance still resonates. It demonstrates that international organizations regard Bitcoin as a long-term investment. For Bitcoin adoption countries like Ghana, where adoption is still grassroots, these types of pictures still help policymakers and the general public shape their opinion on Bitcoin.

The Importance of Real-Time Tracking

For the average citizen, the primary reason for tracking Bitcoin's price is not to engage in speculative trading, but to ascertain how digital currencies influence their everyday spending and saving. Frequent and marked changes in the price of Bitcoin will always undermine confidence in digital finance systems and their remittance systems and influence the general saving behavior of families during economically distressing periods.

The importance of timely headlines cannot be overstated. Headlines like “Bitcoin falls below USD113,000” attract the attention of people outside the digital trading community. In Africa, where most of the mobile digital traffic is generated, the headlines facilitate community, classroom and social media discourse outlining the price and the most important usage of digital currencies.

What Lies Ahead

Markets are now turning their attention to the USD 22 billion Bitcoin options expiry scheduled for later this week, an event that could bring fresh volatility. Some technical watchers suggest that if the coin falls through the USD 104,000 mark, losses may deepen. In Ghana, observers are equally focused on the progress of regulatory plans. The new framework for licensing exchanges could set important precedents for how crypto is managed in the region, giving both consumers and businesses greater clarity.

Currently, Bitcoin is relatively unmoved, fluctuating around the $110,000 mark. The recent volatility experienced by Bitcoin disturbs the financial equilibrium. The impact of digital currencies on the economy is undeniable. They are integral in mobile money transactions, corporate balances and financial strategies of nations and are also part of remittance transactions. From Accra to Lagos and beyond, Bitcoin’s price determines economic stability.