Bitcoin has lost 20% of its value since hitting an all-time high in November.

Bitcoin has lost 20% of its value after hitting new highs earlier this month, as a new variant of the coronavirus prompted traders all around the world to sell risky assets.

In London trade on Friday, the world’s largest token slid as much as 7.5 percent to $54,430.35. Ether, the second most valuable digital currency, plunged 9%, while the Bloomberg Galaxy Crypto Index fell 4%.

bitcoin value on 26 Nov 2021

A new variation discovered in Southern Africa prompted market liquidations, with European stocks plummeting the most since July and developing markets falling the most since July.

Bitcoin has been under pressure since hitting a new high of about $69,000 earlier this month, fueled by interest in the first U.S. exchange-traded fund connected to bitcoin futures.

Analysts have noted a variety of crypto roadblocks this week, including U.S. tax reporting requirements for digital currencies and China’s tightening regulatory environment. The threat of a new viral strain now threatens the speculative sector’s liquidity and risk appetite.

Bulls continue to believe that virtual currencies will be adopted by more institutions and regular investors.

For the time being, Bitcoin’s loss is really a sideshow to worldwide market declines on the new variation known as B.1.1.529, as policymakers scramble to retool cross-border travel laws.

This year, the largest token is still up more than 85%.

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