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Bitcoin’s Quarter From Hell

It is indeed Bitcoins quarter from hell. The cryptocurrency is down a whopping 47% so far this year on track to close its worst quarter since 2011. So what is behind this epic plunge?

  • The vague concerns that crypto investors with big capital gains have to pay by tax day and are selling to pay those taxes.
  • Regulatory pressure from the SEC which said that not only ICOs but also crypto exchanges should register with the SEC.
  • Then major social media platforms like Twitter, Facebook and Google banned crypto.
  • The Japanese exchange sold over 400 million dollars in Bitcoin and Bitcoin Cash.
  • Interest in Bitcoin is also way down on Google searches. Term, Bitcoin, peaked in mid-December and fell 75% since then.

Bitcoin started the year with the value near 300 billion dollars and it’s now down to 127 billion but it’s not just Bitcoin, the total value of all crypto currencies has declined as well to about 280 billion dollars. Again that’s what it was at the start of the year. So where this crypto market is heading? Some say its the end of Bitcoin but blockchain is going to stay.

Is it really the end of Bitcoin? Its unclear yet as the price of Bitcoin is rising again and it seems like the pressure of selling has ended. Also, Coinbase’s announcement of a crypto fund might be providing a reasonable support at this level.

Nicholas Holden

A chemical engineer who got obsessed with cryptocurrecnies. Holds small fortune in BTC, PVX and MIOTA. Nick's regular trading in the crypto space makes him come across exclusive news around the industry. Email: nick@blockpublisher.com or email the editor at editor.news@blockpublisher.com

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