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Bitcoin, the world's biggest cryptocurrency by market value, slid below the $7, 000 mark on Friday, the first time the digital asset it's hit that level since early February, data from Bloomberg showed.
It slid to as low as $6, 912 before recovering to $7,094 in Hong Kong. The moves brought the digital currency's losses in 2018 to a staggering 50 percent and other virtual assets, including Ripple and Litecoin, posted steeper declines.
Aside from the slump, regulatory pressure is increasing in the cryptocurrency market, while major social media platforms such as Facebook and Twitter are starting a clampdown on cryptocurrency advertising. On Monday last week, Twitter confirmed that it will ban advertisements for initial coin offerings, following the suit of Facebook and Google.
The market is also weighed down by sales of Bitcoin held by the trustee of Mt Gox, the now-defunct Japanese bourse. The trustee divested around $400 million in Bitcoin and Bitcoin Cash in the last few months to reimburse the exchange's creditors, the latest report showed. The trustee said that he will sell more cryptocurrency he holds.
The decline in the value of bitcoin is the biggest quarterly drop since 2011. It should be noted that Bitcoin rallied by 1, 400 percent in 2017.
