Bitcoin plunged below $19,000 on Thursday in the worst quarter in over a decade amid hawkish central banks and bearish crypto market sentiment.
The 58% drop is reportedly the largest in the digital assets space since the third quarter of 2011, when Bitcoin was still at an early stage.
The period between the launch of Bitcoin and the current bearish momentum had seen the crypto space surge to a peak of $3 trillion when it gained widespread adoption in the space.
The current regulatory pressure is attributed to the regulatory pressure as the central bank considers the tokens a threat to the conventional financial space.
JPMorgan Chase Strategist Nikolaos Panigirtzoglou says that the recent deleveraging caused the crypto rout near its end. The analysts point out the bottom may be near.
Source: Bloomberg
