Bitcoin just experienced its biggest quarterly decline in over a decade
Bitcoin has just experienced its biggest quarterly decline since the third quarter of 2011 – when the virtual currency fell by 58% while still “nascent” in the market.
According to data from Bloomberg news agency, in the second quarter of 2022, the Bitcoin price dropped by 59.4%, to a low of only $18,879 on June 30. The moves to tighten monetary policy by the US Federal Reserve (Fed) and panic caused by a series of problems at popular virtual currency companies are the main reasons for this plunge.
At 8:00 am on July 1 (Vietnam time), this virtual currency stood at $ 20,321, up 1.43% from 24 hours ago, according to data from Coinmarketcap.com.
Over the past decade, the virtual currency market has experienced many ups and downs with capitalization rising to an all-time record of $3 trillion last November amid widespread adoption and super-low interest rates during the pandemic.
However, the current bear market comes as a large amount of leverage in the sector faces pressure and regulatory scrutiny as many central banks currently view cryptocurrencies as a threat to financial stability.
Currently, the total capitalization of the virtual currency market is only about $ 900 billion after experiencing a quarter with a series of major fluctuations such as the collapse of the booming virtual currency ecosystem Terra or many companies. Virtual currency is on the verge of default. Even some of the most heavily invested virtual currency companies have announced mass layoffs. Bitcoin, the largest cryptocurrency in the market, is trading at around $20,000 for the past few weeks.
The price of this virtual currency continued to plummet more than 6% on June 30, falling below the $ 19,000 mark for the second time in the past 2 weeks. Altcoins (alternatives) have depreciated even further, with Avalanche and Polygon both dropping more than 10%. Read More...
