Bitcoin (BTC) has seen its worst quarterly loss in 11 years with price and activity on the blockchain both falling over the past three months.
The second quarter ending June 30 saw the Bitcoin price drop from around $45,000 at the start of the quarter to trade at $19,884, representing a 56.2% loss, according to cryptocurrency analysis platform Coinglass.
This is the steepest price drop since Q3 2011, when BTC fell from $15.40 to $5.03, a loss of more than 67% and it was worse than the bear market in 2014 and 2018 , when the Bitcoin price fell 39.7% and 49.7% in the worst quarters of that year.
The past quarter saw eight consecutive red weekly candles for Bitcoin and June saw a drop of more than 37%, the heaviest monthly loss since September 2011 sending the price down more than 38 percent. .5% in the month.
The signs are also that investors are not daring to bottom or they have run out of money during the “bear period”. Activity on the blockchain is plummeting with Bitcoin’s spot volume, the total amount of transactions on the blockchain having dropped by more than 58.5% in just nine days according to a June 29 analysis from Arcane Research.
Charlie Bilello, CEO of financial consulting firm Compound Capital Advisors shared a chart on Twitter showing that the S&P 500 index also fell 20.6 percent in the first half of 2022, its worst start to the year. year of this index since 1962.
Tough economic conditions have led to numerous layoffs from crypto companies including Gemini, Crypto.com, and BlockFi. Most especially, Coinbase exchange when they asked for the severance of nearly 350 people and the second was a round of layoffs on June 14, affecting 1,100 individuals.