Bitcoin has had its worst quarter in 11 years, with the price seemingly failing to bottom out and activity on the blockchain declining. On 30 June, we ended the quarter at $19,884, having started at $45,000. This puts us at a 56.2 per cent loss for the second quarter of 2022.
https://twitter.com/real_basik/status/1542803233567084545
Hardest fall since 2011
The second quarter of 2022 thus marks the hardest fall since the third quarter of 2011. Back then, the bitcoin price fell from $15.40 to $5.03 for a loss of 67 percent. The bear markets of 2014 and 2018 are also nothing at the current losses.
In 2014, we recorded a loss of 39.7 percent in the worst quarter and a loss of 49.7 percent in 2018. The past quarter was characterised by red candlesticks on the weekly chart, with a total of eight consecutive red candlesticks that we had to swallow.
The month of June this year did not turn out to be a celebration month for bitcoin either with a loss of 37 per cent. The heaviest monthly loss since September 2011, when the price lost 38.5 per cent in one month.
Activity on blockchain decreases
There are also signs that investors are choosing to store dry powder or simply have no gunpowder left. Activity on the blockchain has fallen hard. In the last nine days, activity has actually fallen by 58.5 per cent according to an analysis by Arcane Research.
It is not just bitcoin that is in trouble at the moment. Traditional financial markets are also feeling the pain of the current macro-level uncertainty. In the first six months of 2022, the S&P 500 recorded a loss of 20.6 percent.
This is the worst start to the year the American stock exchange has had since 1962. These figures illustrate how bad the economy is at the moment and that this is not just related to bitcoin.
The number of rich people in bitcoin has also declined sharply, logically.
https://www.indexuniverse.eu/worst-quarter-in-11-years-for-bitcoin-exchange-rate/
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