Tuesday, April 3, 2018

Despite Bitcoin's overnight move back over $7000, the cryptocurrency has lost over $119 billion in market cap in the last quarter

If Apple or Amazon lost $119 billion in market cap over a three month period, investors would be rushing to exit the stock in droves.  So perhaps it shouldn't surprising that when Bitcoin did this very thing for the quarter ending March 31, investors of the cryptocurrency are doing the same as volume and appetite for the digital currency has fallen in line with its decline in price.


Bitcoin and ethereum just had their worst first-quarter price performances in history, but ripple fell the most out of the top three major cryptocurrencies. 
Bitcoin fell from $13,412.44 to $6,928.85 in the three months ended March 31, marking a more than 48 percent decline, according to data from industry website CoinDesk, which tracks the price across a number of exchanges. The cryptocurrency's previous biggest decline came in the first quarter of 2013 when it fell 37.9 percent from $770.44 to $478.72. CoinDesk has only tracked the price since 2010. 
Over $119.9 billion was wiped off the market capitalization or value of bitcoin in the time period. - CNBC
At its peak in December of last year, Bitcoin's market cap was over $600 billion, and much higher than nearly ever other financial institution on the planet.  But even with the price regaining the $7000 handle last night during Asian trading, it has declined by over 65% in just the past four months. 

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