There was buoyancy when bitcoin first dropped to $37,500 on Feb. 2 from an all time high in November 2021 of $69,000. It was a gold rush moment as Kenya’s digital natives dashed to do what they have always done during such price slumps—buy the dip—stocking up while prices were low.And it paid off. A month later, Mar. 28, bitcoin’s price rose to $47,400. Then the steady decline began.When bitcoin’s price tumbled to $36,000 on May 6, Kenyan crypto traders rushed to online marketplaces to purchase it at the low price hoping that it would spring back to over $40,000 in a few days.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.
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