3.5 C
November 29, 2022
Image default

Bitcoin ended its worst quarter since the 2018 bear market

After the last three-month volatile period for bitcoin, the asset has just closed its worst quarter since the 2018 bear market. Moreover, it is also the third worst quarter since 2014. The cryptocurrency has lost more than 41% in value during this period, despite rising to a record all-time at $ 65,000 in mid-April. Despite this data, Bitcoin is still 20% up from the beginning of the year.

The second quarter of 2021, which opened at $ 58,789 (April 1), ended at $ 35,037. This result means a decrease of about 40%. During this time, we could observe increased intensity on the market. Bitcoin’s highest value in the second quarter is ATH at $ 64,890, and the lowest is $ 28,600 just 8 days ago.

The second quarter is historically one of the best quarters for BTC. The average ROI over this period was usually around 60%. The situation this year seemed even more bullish as BTC started April after a record Q1 and its price soared by over 100%.

Everything looked quite optimistic. In the first weeks of April, bitcoin continued its bullish trend that culminated in the middle of the month (April 14, 2021). The asset then peaked at nearly $ 65,000, setting its current all-time record.

Third worst quarter for Bitcoin since 2014

Then the reversal took place. BTC went back several thousand dollars and went down below $ 60,000. Numerous reports have indicated that the institutional interest that has been the driving force behind the rally so far has declined.

Everything worsened even more in mid-May when Tesla, owned by Elon Musk, disabled Bitcoin payments for her product. The company then referred to environmental issues. The situation caused huge bloodshed in the market. All this has been joined by China, which is once again waging a war with miners and introducing bans.

FUD and over-leveraged positions saw the underlying cryptocurrency drift south. BTC touched the $ 30,000 area. This meant a 54% drop in the month and made May the second worst month for bitcoin.

Despite several attempts to rebound from the $ 40,000 level, BTC failed to recoup most of its losses in June as well. In fact, it even fell below the $ 30,000 mark for the first time since January.

While it is currently trading at just under $ 34,000 – an increase of 25% from the June low – the asset is still a long way from its entry into Q2 2021. In fact, it is more than a 40% minus in the three-month period. This makes it the third worst quarter since 2014 and the worst quarter since Q4 2018.

Related posts

– Bitcoin, cryptocurrencies and blockchain technology.

Aparnna Hajirnis

The European Commission has donated $ 1.1 million to a charity to develop a blockchain-based project Blocksats

Aparnna Hajirnis

Big Fish has transferred nearly half a billion USD in BTC –

Aparnna Hajirnis

Leave a Comment