Since the advent of Bitcoin, it is likely that no quarter has performed as poorly as the first quarter of this year.
Coinmarketcap, which tracks the prices and market value of multiple digital currency exchanges, has shown that bitcoin trading prices have fallen from over $14,000 on January 1 to less than $6,900 at the time of writing, a decline of over 50% and a market value of nearly $239 billion. It fell to about 115.5 billion U.S. dollars.
Although the U.S. time has not yet reached the 31st, the worst single-quarter record in bitcoin history has been pinched. According to Bloomberg's data, as of the last trading day of U.S. stocks this week, the market value of bitcoin evaporation in the first quarter was almost equal to that of Netlix. , which is almost three times the market value of Tesla, which is about 5.5 times the market value of Twitter.
CNBC has tracked the transaction price of Bitcoin in the first quarter of calendar year since 2011 and found that during the eight years, Bitcoin has fallen for the first time in five years. The biggest increase was in the first quarter of 2013, when the quarter soared by 599%.
In fact, Bitcoin is only a microcosm of the overall performance of digital currency. After the close of the last trading day of US stocks in the quarter, Wall Street News reported on the early morning of the 30th that the performance of digital currency was the worst in the history of the first quarter until then. Bitcoin fell. Broke the 200-day moving average.
Nearly 6 o'clock in Beijing on the 30th, Bitcoin also fell below the 7,000 dollar mark, and in the evening of the 29th fell below 7500 U.S. dollars, Wall Street news mentioned that some analysts pointed out that Bitcoin approached 'death cross', That is, the 50-day moving average is close to the 200-day moving average. From a technical point of view, this often means that the asset will go down further.
In addition, negative factors such as supervision also exerted pressure on digital currencies such as Bitcoin. For example, when Bitcoin broke below 8,000 U.S. dollars two weeks ago, Wall Street reported that media at the time stated that the U.S. Securities Regulatory Commission issued a subpoena for digital currency hedge funds. In the investigation, Google announced the prohibition of ICO and other digital currency advertisements.
Coincidentally, on the early morning of the 30th, the media also reported that the professional social network LinkedIn (LinkedIn) will begin to ban ICO and other digital currency advertisements.
However, it was also analyzed from a technical point of view, Bitcoin's condition is not so bad.
Fast Money's trader Brian Kelly believes that if the support line can continue to play a supporting role, the upward trend since August last year has not actually changed.
Forbes columnist Frank Holmes said that as with financial assets such as the US stock market, Bitcoin will have a strong recovery after a major downturn.