Bitcoin Reaches a New 50-Day Low Below $7,000

The bitcoin’s value has fallen to a new 50-day low as it has fallen below the $7,000 mark. The bitcoin fell to $6,700 during the middle part of Friday’s trading session.

This total marks the lowest value for the bitcoin since the early part of February. The currency had fallen down to $6,300 during the early part of that month, but it experienced a slight rebound over time. The currency reached the $12,000 mark in mid-February and had been in the five-digit range for a few days.

But many issues surrounding the bitcoin have caused its value to decline. The Binance exchange had dealt with significant concerns surrounding its operations in Japan, thus causing the bitcoin’s value to decline. Also, Twitter announced that it would outlaw cryptocurrency advertising for anything that is not publically listed, thus reducing the potential for the bitcoin and other services relating to it from getting the exposure desired.

Historic Decline

The drop in the bitcoin’s value is noteworthy in that it ensures that the bitcoin will have its worst first quarter performance in the asset’s history. The currency had a value of about $13,400 at the start of the year. The drop down to below $7,000 ensures that the currency will have lost about 45 percent of its value in the first quarter. At least $110 billion of the currency’s market cap value have been lost this year.

The decline is also greater than the drop of 38 percent that the currency experienced in the first quarter of 2014. The currency was much cheaper at the time as it went from $800 to $450 during that time period.

This also marks a dramatic change in the bitcoin’s value since the start of the calendar year. The currency had been at $17,000 earlier in the year, but ongoing issues surrounding the increasing regulation of the currency have been a serious threat to the health of the bitcoin.

But even with this, the decline in the first quarter is on par with what the bitcoin has done in the first quarter of each year since the currency was first introduced. The bitcoin has experienced a drop in its value in five of the eight first quarters that it had been trading on. The drop during this first quarter is the most significant one for the currency, what with the value being much higher than it had been in the past.

Impact on Other Currencies

The news surrounding the bitcoin dropping to a 50-day low has negatively influenced other major currencies on the market. This is consistent with how the bitcoin is often a bellwether for how the entire currency market in general will perform. Most of the larger currencies on the market have experienced declines from 5 to 10 percent in their value over the past day. This includes the Nano and TRON currencies experiencing drops of closer to 15 percent each.

The bitcoin is not the only major cryptocurrency experiencing a 50-day low. Ethereum has dropped to $380, a total that is a little less than half of what the currency was worth during the middle part of February.

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