Bitcoin continues its decline, having now fallen to a quarterly low of AU $8900. Bitcoin is on track for its worst quarter ever with $140 billion dollars having been wiped off its market cap. The cryptocurrency has fallen around 45 percent so far this year and investors who have chosen to hold have been burnt.
Bitcoin has faced a much tougher regulatory environment in 2018 with central banks and governments around the world placing more and more limits on the digital currency. There have also been a slew of negative reports published by both Google and Twitter.
Crypto-mania appears to have died down substantially and speculation about bitcoin's price reaching the stratosphere, aims to have largely disappeared. The sharp decline of bitcoin's price, has led some traders to start panicking as the entire crypto market has experienced a major sell-off and there is a significant risk that Bitcoin could fall to as low as $1,000 per coin.
For long-term investors, I recommend avoiding Bitcoin as an investment and focusing on investing in companies with strong fundamentals. While only time will tell the exact value of Bitcoin, the coin's unpredictability and speculative state, make it unfeasible for retail investors.