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NewsBTC 2022-07-06 23:59:55

Bitcoin Sets Record For Worst Quarter Since 2011, What’s Next?

The second quarter of the year was dramatically bloody for Bitcoin. The coin ended Q2 down by 56% with the price dropping from $45,000 to $19,900, experiencing its worst quarter since Q3 2011. Bitcoin is now playing with its $20k level, a key zone. A Historic Decline For Bitcoin Bitcoin had a 37% decline during June. But it is not just the numbers that have been gloomy. June was also the month of the unsurprising rejection of Bitwise and Grayscale’s spot-based bitcoin ETF applications –immediately followed by Grayscale’s promised lawsuit–. Moreover, the effects of the Terraform Lab’s UST stablecoin and Three Arrows Capital collapses seem to have turned into something contagious amongst crypto firms: another crypto lender and trading platform, Vauld, suspended all withdrawals, trading, and deposits quoting the “financial challenges” of current market conditions. During 2022’s second quarter, Bitcoin opened at $45,000 and declined to below $20,000, managing to recover its key $20k price level just in time to close June above it. As NewsBTC reported recently, the coin “needs to break above $20,500 and continue above $22,000 to clear out any potential short-term downside risk.” Overall, the latest Arcane Research weekly report notes that this decline “marked a historic quarter for the bitcoin price, and we have to go back 11 years to find a more brutal quarter. Bitcoin ended the quarter just bel...

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