The price of bitcoin (BTC/USD) closed 2015’s first quarter down by 25%, its third straight quarterly loss. It is currently trading at $240.
The last quarterly gain was realized at the end of June 2014, when it gained 40% to $648.
Bitcoin has yet to mount a serious rally for any sustainable period since then, furthering the possibility that the November 2013 bubble is still deflating.
Asia Exchange Empowering Traders Through New OpportunitiesGo to article >>
The trend has continued despite a spate of positive news indicating greater Bitcoin integration into the mainstream. In the immediate wake of such developments, speculators have frequently bidded prices higher. Over time, however, prices back toward their pre-news levels. The lack of a methodology to fundamentally deriving bitcoin’s value has meant that even great advances in Bitcoin adoption do not necessarily translate into higher prices.
The price action did suggest some bottoming behavior over the quarter, climbing above the 50-day moving average (MA) and maintaining its ground for the better part of March.
The second quarter, and April in particular, have been typically volatile months both in the crypto and the fiat equity markets. Bitcoin’s performance during this period will give a clue if a stabilization is really in the making or if the bleeding will continue.