Bitcoin Just Experienced Its Worst Quarter Of The Decade
Data from Coinglass shows that Bitcoin lost 56% of its value in the second quarter of 2022. Specifically, the digital currency fell from $45,524 to around $19,800 on the last day of the quarter.
This is Bitcoin’s worst quarterly performance since Q3/2011. At that time Bitcoin lost 68.1% of its value. In June alone, Bitcoin fell about 39.8%, its worst performance since 2010.
Similarly, Ethereum fell about 67.34% in the second quarter, the worst period since its inception in 2015.
The cryptocurrency market has been under a lot of pressure this quarter as global inflation forced central banks around the world to raise interest rates. The move triggered a sell-off in risky assets such as stocks and cryptocurrencies.
The drop also reveals a number of problems for crypto companies and projects, especially those in the lending or highly leveraged sector. The collapse of the UST stablecoin and the LUNA token developed by the Terra team in May is a warning that any project is at risk.
In June, crypto lender Celsius announced it was suspending customer withdrawals citing “extreme market conditions.”
Last week, cryptocurrency exchange CoinFlex also made a similar move and reason. The exchange also claimed that veteran investor Roger Ver was owed about $47 million after his account had negative equity. Ver himself later denied this information.
Most recently, the famous crypto hedge fund Three Arrows Capital is also said to have fallen into default and was liquidated when it failed to pay about $670 million.
The negative market movements signal the imminent risk of a crypto winter as well as affect the growth ability of many industry players such as Coinbase or BlockFi.
Jacob Joseph, an analyst at CryptoCompare, noted that in the past, Bitcoin has fallen from a peak of $19,871 in the fourth quarter of 2017 to $3,170 in the fourth quarter of 2018. Further, Bitcoin once fell from $1,239 in the fourth quarter of 2013 to $221 in the second quarter of 2015. He added:
“This suggests that we could be in for a further drawdown period if the current poor macroeconomic conditions continue to persist.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Author
Bitcoin
Bitcoin Just Experienced Its Worst Quarter Of The Decade
Data from Coinglass shows that Bitcoin lost 56% of its value in the second quarter of 2022. Specifically, the digital currency fell from $45,524 to around $19,800 on the last day of the quarter.
This is Bitcoin’s worst quarterly performance since Q3/2011. At that time Bitcoin lost 68.1% of its value. In June alone, Bitcoin fell about 39.8%, its worst performance since 2010.
Similarly, Ethereum fell about 67.34% in the second quarter, the worst period since its inception in 2015.
The cryptocurrency market has been under a lot of pressure this quarter as global inflation forced central banks around the world to raise interest rates. The move triggered a sell-off in risky assets such as stocks and cryptocurrencies.
The drop also reveals a number of problems for crypto companies and projects, especially those in the lending or highly leveraged sector. The collapse of the UST stablecoin and the LUNA token developed by the Terra team in May is a warning that any project is at risk.
In June, crypto lender Celsius announced it was suspending customer withdrawals citing “extreme market conditions.”
Last week, cryptocurrency exchange CoinFlex also made a similar move and reason. The exchange also claimed that veteran investor Roger Ver was owed about $47 million after his account had negative equity. Ver himself later denied this information.
Most recently, the famous crypto hedge fund Three Arrows Capital is also said to have fallen into default and was liquidated when it failed to pay about $670 million.
The negative market movements signal the imminent risk of a crypto winter as well as affect the growth ability of many industry players such as Coinbase or BlockFi.
Jacob Joseph, an analyst at CryptoCompare, noted that in the past, Bitcoin has fallen from a peak of $19,871 in the fourth quarter of 2017 to $3,170 in the fourth quarter of 2018. Further, Bitcoin once fell from $1,239 in the fourth quarter of 2013 to $221 in the second quarter of 2015. He added:
“This suggests that we could be in for a further drawdown period if the current poor macroeconomic conditions continue to persist.”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Other Posts
Related Posts
Latest
Best Cryptos with 1000X Potential: Qubetics Revolutionises Blockchain as Polkadot and Cosmos Shape the Future
Best Coins to Buy in December 2024: Qubetics Offer 630% ROI, Polkadot Delivers on Interoperability and Near Protocol’s Scalability is Talk of the Town
Press Release
Best Cryptos with 1000X Potential: Qubetics Revolutionises Blockchain as Polkadot and Cosmos Shape the Future
Best Coins to Buy in December 2024: Qubetics Offer 630% ROI, Polkadot Delivers on Interoperability and Near Protocol’s Scalability is Talk of the Town
