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Bitcoin investors lose $193.13bn, as Omicron restrictions fail to change crypto sentiment

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Bitcoin has been bleeding since second week of November, but its losses deepened in the last 24hour, losing 17.64 percent in its market price, as Omicron lockdown sentiment failed to boost investors’ confidence.

In 2020, global lockdown and travel restrictions induced by COVID-19 outbreak had swayed investors to turn to bitcoin and the crypto market as a store of value, hedging inflation.

This pushed bitcoin into its longest bullish run. With the discovery of Omicron compelling countries to roll out travel restriction and talk about possible lockdown, the 2020 effect has failed to lift the bitcoin market amid sell pressure in Q4 2021.

READ ALSO: Terra rises by 4.13% amid fall of Bitcoin, Ethereum, other crypto coins

In the last one week, holders in the bitcoin market have lost $193.13 billion, with the market cap hitting $896.87 billion on December 4, against the $1.09 trillion clocked on December 1 – far below the $1.25 trillion it rose to when it reached the all time high of $68,990.90.

Bitcoin value is now down to $42,019, its lowest in 24hour, but currently trades at $47,477, down 17.64 percent when compared to its highest value, $57,652, in the same period.

Over $10,100 have been wiped off the asking price of bitcoin, as the market continues to price it low. The crypto is also down 31.18 percent when the current price is pegged to the all time high – this means holders with one bitcoin have lost over $21,500 from their carrying asset within one month.

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