Cryptocurrency value

Bitcoin Price: Cryptocurrency Value Has Historically Worst Performance In First Quarter | City & Business | Finance

Looking back on the historic Bitcoin price index, the halving in value seen this year is still only the second worst quarterly performance ever.

The cryptocurrency experienced its biggest quarterly decline ever in the third quarter of 2011, when it fell 68% from $ 16.10 (£ 11.45) to $ 5.14. (£ 3.65)

But the data also shows that since 2013 Bitcoin has rarely made any gains in the first quarter of the year.

The current drop may not come as a surprise after the digital currency saw a huge and unprecedented rally to reach a record low of almost $ 20,000 (£ 14,220) at the end of 2017.

Bitcoin had already fallen nearly 44% in early 2018 after the December high.

By the second week of January, the cryptocurrency had climbed $ 17,000 (£ 12,090), rekindling hopes of a rally to new records.

But amid fears of tighter regulations in South Korea and China, prices plunged below $ 10,000 (£ 7,110) on January 17.

Additionally, Facebook banning cryptocurrency ads on January 30 has exacerbated the problem.

The sale continued over the following weeks, pushing prices up to $ 6,000 (£ 4,270) on February 5.

But that was followed by a rally to $ 11,700 (£ 8,317) on February 20.

Charting experts have noted a possible “death cross” which is a bearish cross between the 50-day moving average and the 200-day moving average.

Simply put, it’s when a stock drops faster than its long-term prediction, usually causing the stock to disappear.

It was a sign that it was supposed to lead to lower levels last seen in August 2017.

Although the Death Cross was confirmed on March 30, it did not have a negative impact on the cryptocurrency.

This may be due to oversold conditions represented by the daily relative strength index.

Over the past 10 weeks, the correlation between the stock markets and Bitcoin has indicated that cryptocurrency is still viewed as a risky asset as opposed to a safe haven asset like gold.

This is due to the volatile nature of the market and the fact that it is still largely unregulated.


Source link