The price of popular cryptocurrency Bitcoin plunged 50 percent of its value in the first three months of 2018, according to Coindesk.
The price of popular cryptocurrency Bitcoin plunged 50 percent of its value in the first three months of 2018, according to Coindesk. In case you are of the view that it was the worst quarter for the digital currency yet, you are grossly mistaken. A lookback at the historical performance of the virtual currency shows that Bitcoin observed its biggest all-time fall quarterly drop in the third quarter of 2011. The digital currency declined 68 percent then, the data shows. In the later part of the year 2017, Bitcoin touched a record high of nearly $20,000.
The cryptocurrency fell nearly 44 percent from the record highs of the later part of the last year in the month of March 2018. It has recorded $17,000 in January bringing about hopes of a new rally. However, as news about China, South Korea and the US planning stricter regulations on Bitcoin hit the stands, its prices plunged under $10,000. With social media giant Facebook coming out with a decision to ban advertisements of Bitcoin on its platform last month, the digital currency collapsed more.
In the first week of February, the prices of Bitcoin fell below $6,000. However, by February 20, the virtual currency entered a rally and printed $11,700. Bitcoin was trading at $7,061.48 down 4.80 percent on Coindesk at the time of reporting.
With increased regulations in different parts of the world including India, investors are feeling dicey about making investments in the cryptocurrency.