Bitcoin crashes under EU seeking regulation across the bloc

According to reports, Bitcoin is heading for its worst quarter in over a decade. This is despite the EU seeking to reach an agreement on cryptocurrency regulation within the bloc.

After Reuters reported that the EU was near to tightening controls on this notoriously volatile sector, the world’s biggest cryptocurrency dropped 4.4 percent to $19,000.

According to Bloomberg data, Bitcoin’s slump of 58pc this quarter is the worst since the third quarter of 2011. This was when Bitcoin was still very young.

In the decade that followed, there have been many booms and busts. At one point, the total crypto market reached a valuation of more than $3 trillion.

However, these gains are now in sharp decline as rates rise and investors abandon riskier assets. This is not to mention the intense regulatory scrutiny that comes with concerns about financial stability.

Numerous high-profile crypto crashes have prompted warnings about a “crypto snow” in the sector.

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