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.
Bitcoin Just Experienced Its Worst Quarter Of The Decade 3

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.”

BTC daily chart. Source: CoinCu

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

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

2 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

31 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

55 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.