Bitcoin Records Worst Quarterly Performance, Market Cap Down $177 Billion

1113
SHARE

Bitcoin experienced the worst quarterly performance ever as its price continues to decline. The cryptocurrency traded below $7,000 on Thursday.

Data from CoinDesk Price Index showed that bitcoin traded as low $6,593.74 on Thursday. Its price declined 51% from $13,412.44 on January 1.

On the other hand, data from CoinMarketCap showed that bitcoin’s market capitalization reached as much as $293.5 billion on January 5. The cryptocurrency was trading at $6,878.64 around 4:07 PM Eastern Time on March 30. Its market cap fell to $116.5 billion.

Bitcoin wiped $177 billion in market value in the first quarter of 2018. It is the largest quarterly decline since it started trading.

Bitcoin Market Cap Q1 2018
Credits: CoinMarketCap

From first 2011 to 2018, the first quarter performances of bitcoin were not rosy. In fact, the cryptocurrency recorded a decline in 5 out the 8 first quarters.

Bitcoin is hit by worldwide regulatory scrutiny

Over the past several months, bitcoin is struggling because of the intense regulatory scrutiny on the cryptocurrency market worldwide.