Bitcoin’s price fell 11.7% during this year’s first quarter, its worst start to a year since 2015.
According to NYDIG Research, Bitcoin had its most bearish first-quarter performance in a decade as sentiment towards risk assets such as cryptocurrencies has soured.
Bitcoin’s decline in the first quarter is especially notable given that the crypto’s price hit an all-time high of $109,000 U.S. on Jan. 20, the day of U.S. President Donald Trump’s inauguration.
However, since then it has been all down hill for Bitcoin and other cryptocurrencies, which are falling in tandem with stocks.
The price of %Bitcoin (CRYPTO: $BTC) is currently at $77,000 U.S. as a market selloff prompted by U.S. President Donald Trump’s import tariffs worsens.
Bitcoin has now fallen below the key support level of $80,000 U.S. as investors continue to flee risk assets for the safety of cash and bonds.
Until the beginning of April, Bitcoin had managed to trade above $80,000 U.S. and analysts saw the level as providing key resistance for the largest cryptocurrency by market capitalization.
Analysts anticipate that Bitcoin and other crypto will continue dropping along with equities as fears of a global trade war and recession shake markets.
As bad as the selloff in Bitcoin has been, other cryptocurrencies are faring even worse, with Ethereum down 7% and XRP down 10% on April 7.
Meme coins are also getting battered, with the price of %Dogecoin (CRYPTO: $DOGE) down 7% at the start of the trading week.
