Bitcoin heads for worst quarter since 2011

Bitcoin’s value has more than halved since the start of the year, and is now heading towards its worst quarter in more than a decade.

Dadu Ruvik/Reuters

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The world’s largest cryptocurrency lost about 58 percent of its value in the second quarter of 2022, according to Bloomberg.

It is the worst quarter for bitcoin since the third quarter of 2011, when the value fell by 68.1 percent.

Bitcoin price dropped below $19,000 on Thursday, close to NOK 187,000. At most, the price fell to $18,930, down 6 percent in the past 24 hours, according to Coinmarketcap figures.

At the time of writing, bitcoin costs around $19,110.

I think the bitcoin crash is coming to an end

Worst month since 2010

Meanwhile, the value has fallen more than 70 percent since it reached an all-time high in November, according to CNBC.

In June, bitcoin plunged 40 percent, heading into the worst month since 2010, when it was offered on crypto exchanges.

The value of the cryptocurrency Ethereum also declined in the last quarter. In the second quarter, it was down 69 percent, close to the worst quarter ever, according to CNBC.

under pressure

Cryptocurrency prices came under strong pressure in the last quarter.

The decline in the value of the cryptocurrency was largely followed by a drop in the stock market and fear of rising inflation and higher interest rates. However, Bitcoin has done relatively well compared to many smaller cryptocurrencies.

Global stock markets will soon conclude their turbulent second quarter. The S&P 500 is heading for its worst first half since 1970.

There are concerns about fiery inflation, which is forcing the world’s central banks to raise interest rates. It also raises fears of a global recession.

Bitcoin is still under pressure, as are so many other things. The combination of high inflation, high interest rates, and fears of a recession is weighing on cryptocurrencies, Yves Longchamp, head of research at CIBA, told CNBC.