Apparently losing its momentum, the most famous digital currency went down by more than 50% against the dollar in the first quarter of 2018. This means the worst ever start to a year and its second-worst quarter on record.
The cryptocurrency recorded its worst start to the year ever in the first quarter and its second-worst quarter on record. Bitcoin’s worst three-month spell came in the third quarter of 2011 when it declined by 68% against the dollar.
Bitcoin went up to an all-time high of close to $20,000 last December but rapidly started going down at the beginning of the year amid fears of a regulatory crackdown. Then, Bitcoin was below $10,000 by mid-January.
Nigel Green, the founder and CEO of financial services firm deVere Group said: “Towards the end of last year, crypto values went too high, too fast – and, of course, it was unsustainable”.
“Since then, in this first quarter, there’s been a serious price correction of most major cryptocurrencies. It has been this correction that’s been mainly responsible for an evolution in investor attitude. I believe that now the overwhelming majority of investors do not view cryptocurrencies as a way to make a fast buck, as perhaps previously many more might have done.”Buy Bitcoin now
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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