The price decline of the first cryptocurrency in April–June by 56.2% was the steepest since Q3 2011, when losses reached 67%. The data come from Coinglass.
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During the period, Bitcoin fell from $45,000 to $19,884. In the bear markets of 2014 and 2018, quarterly declines did not exceed 39.7% and 49.7%, respectively.
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In June, digital gold posted its worst rate of decline since September 2011, at 37%.
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The negative momentum in the crypto market in the second quarter continued amid the slide in the S&P 500. In the first half of the year, the index fell 20.6%, its worst result since 1962.
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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
Earlier, JPMorgan strategist Nikolaos Panigirtzoglou suggested the end of deleveraging in the crypto market.
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Earlier, Deutsche Bank analysts forecast Bitcoin’s recovery to $28,000 by the end of 2022.
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