Cryptocurrency funds down nearly 30 percent in March as slump persists

Cryptocurrency funds were down 29.2 percent in March amid an ongoing slump caused by increased scrutiny from global regulators of the virtual assets, according to a new index launched by data provider BarclayHedge. The Barclay Cryptocurrency Traders Index was down 43.1 percent in the year to date, after three consecutive monthly losses, BarclayHedge said on Wednesday.
The Cryptocurrency Traders Index, started in 2018, is an equal-weighted index of the monthly returns of 19 funds that trade bitcoin and other cryptocurrencies. Volatile bitcoin hit an all-time high of just under $20,000 in December 2017 and has since fallen to as low as $5,920. On Wednesday, it was up 4.2 percent on the day at $8,232 on the BitStamp platform.
Cryptocurrencies have been impacted this year by fears of a crackdown from regulators and concerns that they have been in a speculative bubble that is now deflating. "Folks have their opinions, but no one really knows if it's a bubble or a correction," said Sol Waksman, president and founder of BarclayHedge. Data from financial technology data tracker Autonomous NEXT also confirm the bear trend.