Bitcoin has Worst First Quarter in its History: Over $119 Billion Wiped Out

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Bitcoin witnessed its worst first quarter in its eight year history of price tracking.  Nearly $119 billion in value had been wiped out during the first three months of 2018.

Even with those lousy numbers, bitcoin was not the worst performer among the cryptocurrencies.

Ripple, or XRP, was the worst-performing cryptocurrency out of the top three in the first quarter of 2018 however, down 77 percent. It fell from $2.30 to $0.509565, according to Coinmarketcap.com.

Bitcoin fell more than 48% from $13,412.44 to $6,928.85 in the three months ended March 31, according to data from industry website CoinDesk.

Ethereum witnessed a 47.7 percent decline in price in the first quarter of 2018 from $755.76 to $394.65, according to coinmarketcap.com.

Regulators in China and South Korea have cracked down on cryptocurrencies since the start of the new year. In the U.S., the Securities and Exchange Commission (SEC) has also contemplated regulation.

Crytocurrencies have become a primary source for sending and receiving funds through online gambling and has even spawned a new industry of crypto-only Web betting sites.

- Aaron Goldstein, Gambling911.com

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