Bitcoin Price in Freefall: Market Cap Plunges $115 Billion in Worst 1Q Ever

Bitcoin price crashed below $6,700 as the top cryptocurrency is on track to its worst first-quarter performance

bitcoin price freefall
Dan Kitwood / Getty Images

Bitcoin price crashed below $6,700 as the top cryptocurrency is on track to its worst first-quarter performance

Bitcoin price remains under pressure, briefly nosediving below $6,700 during a dismal week where $115 billion was wiped off the cryptocurrency’s market capitalization this quarter.

Bitcoin (BTC) is on track to post its worst first-quarter performance since it launched in 2009. At 15:45 UTC on March 30, the price of one bitcoin hovered at $6,739, down 4.9 percent from 24 hours earlier. That’s marginally better than its low of $6,617 from earlier today, according to CoinDesk.

Not surprisingly, eight of the top 10 virtual currencies by market cap all posted price slumps, with the only exceptions being Litecoin and the little-known Huobitoken. The latest price plunges came amid increasing regulatory crackdowns in Asia and Europe.

Japan Shut Down Two Exchanges This Week

Japanese authorities closed down two cryptocurrency exchanges this week — Mr. Exchange and Tokyo Gateway — after the platforms were denied licenses from Japan’s Financial Services Agency, according to CNBC.

“The regulatory clampdown in Japan is a massive negative,” said Stephen Innes, head of Asia-Pacific trading at virtual currency broker Oanda.

As the Inquisitr previously reported, bitcoin remains in “sell” territory after getting decimated this week following Twitter’s move to join social media giant Facebook and search engine monopoly Google in banning cryptocurrency ads.

bitcoin price chart
  WorldCoinIndex

Facebook — which is ensnared in a huge data-breach scandal — enacted its embargo in January 2018, citing the need to protect users from “deceptive and misleading advertising practices.”

Google followed suit two weeks ago, and Twitter enacted its crypto ad ban this week.

twitter ceo jack dorsey facebook mark zuckerberg ban cryptocurrency ads
Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg both banned crypto ads. Michael Cohen, Justin Sullivan / Getty Images

Despite the wave of negative news, the digital currency markets have received a show of support from Cboe, which expressed its confidence in the future of bitcoin in a letter urging the Securities and Exchange Commission to allow crypto ETFs.

Cboe President: Give Bitcoin a Chance

In his letter, Cboe president Chris Concannon said bitcoin is increasingly being accepted around the world, and its market penetration is only widening.

“Because of its innovative features as a digital asset, bitcoin has gained wide acceptance as a secure means of exchange in the commercial marketplace and has generated significant interest among investors.”

Similarly, billionaire Changpeng Zhao — the founder of top cryptocurrency exchange Binance — said he has no doubt virtual currencies are the wave of the future. “I’m convinced 100 percent that crypto is the future,” Zhao said. “I just know it will happen.”