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Bitcoin extends losses, as bears continue to trigger price correction

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LONG READ... CBN CRYPTOCURRENCY BAN: What is the noise about?

The recovery of the bitcoin has been slow as the most popular cryptocurrency now sits 38.79 percent behind the All-Time High, which was recorded in the second month of fourth quarter 2021.

Since bitcoin pegged at a high of $68,990.90 per coin in the second week of November, the asset has failed to replicate the feat, and has been struggling to free itself from the grip of the bears (pessimistic investors).

The market sentiment currently is that the dip is not near its end, and bitcoin will continue to shed more of the gains mopped up between 2020 and last year, with American billionaire, Jeffrey Gundlach, projecting a floor price of $25,000.

With the ongoing price correction (an overvalued asset retracting to normal price), bitcoin’s year-to-date fall has extended to -8.81 percent as of the time of filing this report, as the cryptoasset diminishes in value to $42,228.87 from its 2022 opening of $46,311.74.

Read also: Twitter founder, Jack Dorsey, to start mining bitcoin for crypto market

Further breakdown showed BTC value depreciated by 38.79 percent when the current price is compared to the All-time High of $68,990.90, losing $26,762.03 within three months.

Losses from the market capitalisation amount to $75.5 billion YTD, following the decline of the market value from $891.57 billion in December 31, to $816.02 billion, as of January 17, according to figures from YCharts.

With the -8.47 percent depreciation in the year-to-date market cap, bitcoin is opening up for prospective investors to enter the market, but also keeping hodlers (holders) stranded between sell and hodl, as Fear Of Missing Out (FOMO) on the bulls (optimistic investors) re-emergence limits sell off.

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