Bitcoin is obviously going down and it is currently on track for its worst quarter ever. Over $114 billion has been wiped off the value, and the price has fallen from $13,412 in January to $7,266 in March. There is going to be 45% decline and so far the market capitalisation has been wiped off the value. The price of cryptocurrency is on the decline and this is the biggest drop in any given quarter. The previous decline was only 38% and this was in 2014 and when you look and its performance it isn’t hard to see where things are going.
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The biggest price rise was over 599% and this surge really caused problems in the first quarter. Bitcoin saw a huge rise in 2017 and it even hit a record, with the final numbers being over $19,000. This was towards the end of last year, but ever since then, it has faced a lot of scrutiny. Bitcoin has also faced a lot of hardship this year and some of this has made an impact on the market. At the G-20 meeting, the central bank governor in Argentina has outlined a huge summer deadline. This is designed for members who have a very specific recommendation on what to do if any tax forces were willing to submit proposals.
A bank leader from Italy has also stated that a meeting happened in Buenos Aires. In this meeting, it was discussed that cryptocurrencies do in fact pose risks, but this is no reason why they should be banned.
With the Bitcoin crash causing more problems than ever, a lot of people believe that this crash is going to turn itself around. People believe that there could be an uptrend from this, so some are not willing to take this as a complete loss. That being said, things are getting worse by the day and there is no telling whether or not this will lead to a Death Cross or a sign that there is going to be an upward trend very soon. Only time will tell.