The Last Quarter Of Bitcoin Was The Worst In Almost A Decade
The price of the leading cryptocurrency, Bitcoin ($BTC), has had its worst quarterly performance in more than a decade, losing around 58 percent of its value in the second quarter of this year, falling from $45,524 to just under $19,000 at the end of the three-month period.
Bitcoin has seen its worst quarterly performance since 2011, when it lost 68.1% of its value in the third quarter of that year, according to statistics from CryptoCompare, which was first reported by CNBC. When its biggest exchange, Mt. Gox, suffered its first breach in June 2011, the price of cryptocurrencies crashed. BTC even experienced a flash crash at $0.01 at that time.
Bitcoin is down nearly 40% for the month of June
Bitcoin was its worst month dating back to 2010, when it became available on cryptocurrency exchanges.
The worst quarter on record for the cryptocurrency since its introduction in 2015 was experienced by Ethereum’s ether, the second-largest cryptocurrency by market capitalization, which lost over 69 %.
The ongoing bear market in the cryptocurrency space has caused the price of BTC to fall from around $69,000 in November 2021 to about $19,000 at the time of writing. This decline has been attributed to risk-off sentiment in the markets brought on by concerns about inflation, interest rate hikes, and the conflict in Ukraine.
The sharp decline in cryptocurrency prices also revealed numerous heavily leveraged businesses. The Terra network’s algorithmic stablecoin TerraUSD ($UST), along with its companion token LUNA, imploded in May, wiping out billions from the market.
Due to “extreme market conditions” the troubled cryptocurrency lending company Celsius Network banned customer withdrawals in June. Subsequently, rival lender Babel Finance and cryptocurrency exchange CoinFLEX did the same.
Additionally, cryptocurrency hedge firm Three Arrows Capital entered liquidation as a result of a British Virgin Islands court order granted after creditors sued the fund for its inability to pay back obligations.
Some businesses, including Coinbase and BlockFi, were compelled to reduce their workforce in response to the slump in the bitcoin market. With credit lines for BlockFi and cryptocurrency broker Voyager Digital, Sam Bankman-Alameda Fried’s Research has intervened to stop the spread of infection.
According to Jacob Joseph, a research analyst at CryptoCompare, previous boom and bust cycles saw BTC plummet by over 80%, which “suggests that e could be in for a further decline period if the current negative macroeconomic conditions continue to prevail.”
In spite of the current crypto bear market, one Bitcoin ETP’s assets under management (AUM) managed to reach a record high in June, according to the most recent issue of CryptoCompare Research’s “Digital Asset Management Review.”
A new $16.5 million all-time high was reached this month for the 21Shares Short Bitcoin ETP (SBTC), which “seeks to provide a -1x return on the performance of Bitcoin for a single day,” according to CryptoCompare, saw a 30-day return of 30.8 percent. This is the third consecutive month that the product’s assets under management have increased.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Bitcoin
The Last Quarter Of Bitcoin Was The Worst In Almost A Decade
The price of the leading cryptocurrency, Bitcoin ($BTC), has had its worst quarterly performance in more than a decade, losing around 58 percent of its value in the second quarter of this year, falling from $45,524 to just under $19,000 at the end of the three-month period.
Bitcoin has seen its worst quarterly performance since 2011, when it lost 68.1% of its value in the third quarter of that year, according to statistics from CryptoCompare, which was first reported by CNBC. When its biggest exchange, Mt. Gox, suffered its first breach in June 2011, the price of cryptocurrencies crashed. BTC even experienced a flash crash at $0.01 at that time.
Bitcoin is down nearly 40% for the month of June
Bitcoin was its worst month dating back to 2010, when it became available on cryptocurrency exchanges.
The worst quarter on record for the cryptocurrency since its introduction in 2015 was experienced by Ethereum’s ether, the second-largest cryptocurrency by market capitalization, which lost over 69 %.
The ongoing bear market in the cryptocurrency space has caused the price of BTC to fall from around $69,000 in November 2021 to about $19,000 at the time of writing. This decline has been attributed to risk-off sentiment in the markets brought on by concerns about inflation, interest rate hikes, and the conflict in Ukraine.
The sharp decline in cryptocurrency prices also revealed numerous heavily leveraged businesses. The Terra network’s algorithmic stablecoin TerraUSD ($UST), along with its companion token LUNA, imploded in May, wiping out billions from the market.
Due to “extreme market conditions” the troubled cryptocurrency lending company Celsius Network banned customer withdrawals in June. Subsequently, rival lender Babel Finance and cryptocurrency exchange CoinFLEX did the same.
Additionally, cryptocurrency hedge firm Three Arrows Capital entered liquidation as a result of a British Virgin Islands court order granted after creditors sued the fund for its inability to pay back obligations.
Some businesses, including Coinbase and BlockFi, were compelled to reduce their workforce in response to the slump in the bitcoin market. With credit lines for BlockFi and cryptocurrency broker Voyager Digital, Sam Bankman-Alameda Fried’s Research has intervened to stop the spread of infection.
According to Jacob Joseph, a research analyst at CryptoCompare, previous boom and bust cycles saw BTC plummet by over 80%, which “suggests that e could be in for a further decline period if the current negative macroeconomic conditions continue to prevail.”
In spite of the current crypto bear market, one Bitcoin ETP’s assets under management (AUM) managed to reach a record high in June, according to the most recent issue of CryptoCompare Research’s “Digital Asset Management Review.”
A new $16.5 million all-time high was reached this month for the 21Shares Short Bitcoin ETP (SBTC), which “seeks to provide a -1x return on the performance of Bitcoin for a single day,” according to CryptoCompare, saw a 30-day return of 30.8 percent. This is the third consecutive month that the product’s assets under management have increased.
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
Annie
CoinCu News
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