The magnitude of Bitcoin’s ongoing slump is highlighted by the asset’s quarterly returns that have hit the worst value in over a decade as the general crypto market sell-off continues.
During 2022 Q2, Bitcoin’s price dropped 56.27%, a period when the asset plunged below crucial support and is currently struggling to stay above $20,000. During the first quarter of 2022, the flagship crypto lost its value by 1.46% after enjoying a highly profitable end to last year with returns of 168.78% in Q4.
In Bitcoin’s brief history, other notable quarterly losses occurred during 2021 Q2 at 40.37% and 2018 Q1 at 49.89%. However, Bitcoin’s current performance appears to be a shadow of previously profitable quarters that hit a record 210.13% in Q4 2017.
Bitcoin struggles around $20,000
The second quarter that ended on June 30 saw Bitcoin’s price fall from about $45,000 at the start of the quarter to slightly above $19,000. The slump has also acted as a catalyst for the crypto market to lose about $2 trillion in capital outflows. By press time, Bitcoin was trading at $19,400, having made gains of about 2% in the last 24 hours.
Baltrusaitis, J. (2022, July 1). Bitcoin drops 56% in Q2 2022 its worst quarterly performance in a decade. Finbold. Retrieved July 14, 2022, from https://finbold.com/bitcoin-drops-56-in-q2-2022-its-worst-quarterly-performance-in-a-decade/