Bitcoin has put in a disappointing performance this year, a stark cry from the end of 2017, and it appears it is not over yet. The biggest and most popular cryptocurrency has dropped by a further 7%, taking it below $7,500, the lowest it has been since early February. This means, in 2018 alone, the token has seen a huge loss of 48%. The good news for Bitcoin is though that it is not alone, and other digital currencies have too suffered losses, some even bigger than Bitcoin’s.
Of course, one of the main reasons for this is the new regulatory pressure that is affecting all cryptocurrencies. On top of this, many of the major social media platforms, Facebook, Twitter and Google have announced that they will be distancing themselves from the market by banning all advertising relating to crypto, with the latest being Reddit, who have recently announced that they will no longer accept Bitcoin payments, despite backing the virtual currency for years.
Mt Gox, a defunct Japanese exchange has sold almost $400 million in Bitcoin and Bitcoin Cash in recent months in order to reimburse the exchange’s creditors, which has negatively affected the cryptocurrency, and added to its losses. They are also reportedly selling more of the cryptocurrency that they hold, and considering, in early March, they had more than $1 billion, this will be a huge hit for Bitcoin.
Naeem Aslam, who is the chief market analyst at TF Global Markets, explained the drop in value, saying;
“Bitcoin is under selling pressure again and chances of its recovery are looking slim…[It has] slid significantly, since the tech giants’ ban on ICOs.”
This first quarter has been nothing but disappointing for Bitcoin. When you consider that it increased by a huge 1,400 percent last year, this 48 percent quarterly decline is the biggest since 2011. Only time will tell if Bitcoin will recover or not.
Bitcoin will recover , with the current market scenario shifted on and off the screen . The transition is happening , behind the scene. Regulations , crypto exchange shifting into new places and a lot more . Technologically lightning network should show the world what its capable of and then it befit the industry standard for adoption . After all these has happened , bitcoin will sure to see some north action.
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This is FUD. Of course there are a lot of people saying negative things. It's easy to do in this environment. There is a much larger pool of good news recently that has been overlooked due to the price of Bitcoin. (Which some have said is due to price manipulation by whales). Most Governments have taken a neutral to slightly positive stance on the Crypto space as a whole. The global banking institutions and regulators are finally figuring out that the current financial laws regulations can easily be applied to the crypto space and then tailored as needed the further we go. MAJOR companies have stared spending real money on the "BlockChain" tech. Goldman Sacs bought Poloniex. Major retailers like Walmart, Best Buy, Amazon and many more are filing various blockchain related patents. The number of hedge funds participating in Crypto has gone from 3 to over 120 in less than a year. Big money is coming and its going to hit hard when it does.
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https://cryptodaily.co.uk/2018/03/bitcoin-ends-first-quarter-disappointing-low/
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