Bitcoin has reached a new low today, dropping below the $7,000 mark. This drop, represents a 51-day low, marking the most well-known cryptocurrency’s worst quarter yet, according to reports.

In fact, a report by CNBC says this price-drop has shaved off as much as $114 billion off its value.

Currently, as of 10.00 AM ET today, bitcoin is trading at $6,900, according to Coinbase. That number is a far cry from the $17K plus all-time high, it reached last year. Unfortunately, soon after reaching this high, the cryptocurrency saw a steady decline.

Considering bitcoin’s trading price at the beginning of the year being $13,412.44, to today’s trading price of below $7K, that’s about 48% drop in price.

While it is hard to pinpoint the reasons for this downward spiral, but perhaps growing skepticism of the cryptocurrency phenomenon, some major banks banning bitcoin purchases on its cards,   hacks of cryptocurrency exchanges in South Korean and Japan, and constant warnings from regulatory bodies on the dangers of crypto-trading had something to do with it?

Oh, and let’s not forget about the ad bans from Facebook and Google. 

Read more on CoinDesk and CNBC