The current situation is painful for many bitcoin (BTC) and altcoin investors. The panic in the market means that there is little confidence. For example, we recently saw a huge influx of BTC to exchanges, which is an indication that the selling pressure is indeed high. In fact, things are going so bad that this could be the worst quarter since Q1 2018, and thus the worst quarter since 2014.
The list of Skew, a data provider, shows how bitcoin fell 49.89% in value in the first quarter of 2018. Since then, bitcoin has been doing somewhat well, with only a sharp drop of 42.54% in Q4 2018. Since then we have seen three quarters in which the bitcoin price rose by more than 100% and with the occasional drop of up to 20%.
Now, however, the picture is different. At the time Skew published his tweet, BTC was down 45.91%. At the time of writing, however, bitcoin is already down 49.72% compared to April 1. In short, only if bitcoin manages to recover a little before the end of this month will this quarter not go down in the books as the worst quarter since 2014.
Of course, it is still hopeful that bitcoin has experienced such corrections more often. In total, bitcoin has declined in value by more than 40% in four quarters since 2014 (including the current decline). With which figures we will close this quarter is still a week away. Let’s hope the bears cheer too early now.
Yesterday’s 12% dip was further accelerated by the large influx of bitcoins on exchanges. You can read more about this in this article.
The negative move in general appears to be the result of China’s efforts to crack down on Bitcoin. Miners are getting hit by it and OTC trade in China is now also banned. Will the Chinese bear succeed in getting Bitcoin to the ground?