So far this quarter of 2018, $114.9 billion of market capitalization or value has been wiped off of bitcoin. The price decline this quarter is the biggest first quarter decline in bitcoin's history.

The price of the cryptocurrency has fallen from $13,412.44 on January 1 to $7,266.07 on March 30, marking a more than 45 percent decline, according to data from CoinDesk. (see previous performance of cryptocurrency market in FuninUSA news)

The biggest price rise was a 599 percent surge in the price of bitcoin in the first quarter of 2013. Bitcoin saw a huge run up in price in 2017 and hit a record high above $19,000 towards the end of last year. But it has faced tougher regulatory scrutiny in 2018 and some of the air has come out of the market.

Obviously, the enhanced regulation and the bans by Google and Facebook have deeply influenced the cryptocurrency market a lot.

Would it possible for bitcoin price to bounce again?