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Bitcoin set for biggest quarterly drop in more than a decade

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Bitcoin is on track for its worst quarter in more than a decade, as more hawkish central banks and a string of high-profile crypto blowups hammer sentiment.The 58% drawdown in the biggest cryptocurrency is the largest since the third quarter of 2011, when Bitcoin was still in its infancy, data compiled by Bloomberg show.The decade in between those hallmarks saw several booms and busts, with cryptocurrencies’ market value swelling to peak at $3 trillion as they gained more widespread adoption and ultra-low interest rates spurred risk taking.

But the current bear market stands out for the amount of crypto leverage that’s been unwound — and for the regulatory scrutiny being heaped on an asset class many central banks now consider a threat to financial stability.Prices tumbled again on Thursday, with the token sliding below $19,000.

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