Bitcoin has seen its worst quarterly loss in 11 years with price and activity on the blockchain both falling over the past three months.
According to CoinGecko, the second quarter ending on June 30 saw the Bitcoin price drop from around $6 at the start of the quarter to as low as $45.000 on June 19.884. loss of 56,2%.
This is the level Biggest discount since the third quarter of 3, when BTC Giam from $15,40 to $5,03, a loss of more than 67% and worse than the bear market of 2014 and 2018, when Bitcoin price fell 39,7% and 49,7% in bad quarters of those cycles.
The past quarter has seen eight red candles consecutive weeks and June saw a drop of more than 6%, heaviest monthly loss as of May 9.
There are also signs that investors are out of money during the bear period. Activity on blockchain is plummeting with spot volume of Bitcoin more than 58,5% off in just nine days theo a June 29 analysis from Arcane Research.
Charlie Bilello, CEO of financial consulting firm Compound Capital Advisors shared a chart on Twitter that shows the S&P 500 index also falling. 20,6% reduction in the first half of 2022, the index's worst start to the year since 1962.
The S&P was down 20.6% in the first half of 2022, the worst start to a year for the index since 1962. $SPX pic.twitter.com/OMcX7yfP5o
- Charlie Bilello (@charliebilello) June 30, 2022
During the quarter, 307 layoffs affected more than 52.000 employees, one of the largest layoffs to come from Elon Musk's Tesla, with 3.500 people affected.
Coinbase Cryptocurrency Exchange severance requests of nearly 350 people and the second time is layoffs on June 14, affecting 1.100 individuals.
See more:
- Grayscale sues SEC over rejection of Bitcoin ETF Spot
- SEC Rejects Grayscale Bitcoin ETF
- MicroStrategy Keeps Accumulating Bitcoin As Markets Plunge