Bitcoin (BTC) Posts Worst Quarter in Over a Decade

bitcoin on Thursday reported its worst quarterly loss in more than a decade.

According to CryptoCompare, the world’s largest cryptocurrency lost about 58% of its value in the second quarter of 2022. Bitcoin fell from $45,524 at the start of the quarter to trade just below $19,000 on Thursday, the final day of the three-month period, according to data from CoinDesk.

This is the worst quarterly result for bitcoin since the third quarter of 2011, when it lost 68.1% of its value.

According to Coin Metrics, bitcoin fell 39.8% in June, its worst month since it became available on exchanges in 2010.

Meanwhile, ether It was down 69.3% in the second quarter and is on track for its worst quarter on record since 2015, according to Coin Metrics.

Collapse of the coin, liquidation of 3AC

Cryptocurrency prices came under intense pressure this quarter amid rampant inflation that forced central banks around the world to raise interest rates and led to a sell-off in risky assets such as stocks and digital coins.

The drop in prices has also exposed problems with several crypto companies and projects, especially those involved in lending and highly leveraged firms.

A number of important issues emerged during the quarter.

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— Gina Francolla of CNBC contributed to this article.