Worst quarter in 11 years as Bitcoin price and activity plunges

Bitcoin (BTC), which suffered its largest quarterly loss in 11-years, has seen price and activity plummet over the past three months.

According to CoinGecko, Bitcoin’s second quarter ended June 30th at $19,884 at midnight ET. This represents a 56.2% drop according to cryptocurrency analytics platform Coinglass.

This is the largest price drop since the third quarter 2011, when BTC dropped from $15.40 a $5.03, a loss that was more than 67%. It is worse than the bear market of 2014 and 2018, where Bitcoin’s price plunged 39.7% & 49.7% respectively in their worst quarters.

Eight weekly red candles were lit for Bitcoin in the past quarter. The monthly drawdown of Bitcoin was more than 37% in June, which is the largest monthly loss since September 2011, when the price fell more than 38.5%.

Investors may be keeping their powder dry or running out of money during bear markets. According to Arcane Research’s June 29 analysis, Bitcoin’s spot volume (the total number of coins being transacted on the blockchain) has dropped by over 58.5% in nine days.

It’s not only crypto markets that are in trouble. Due to rising interest rates and sky-high inflation, the traditional stock market is also in turmoil. Some have called it the “worst quarter for stocks”

Charlie Bilello, CEO at Financial advisory firm Compound Capital Advisors, shared a Twitter chart showing that the S&P 500 index fell 20.6% in 2022’s first half. This is the worst start to 2022 for the index since 1962 when the price return was -26.5%.

The S&P fell 20.6% in 2022’s first half, its worst start to a new year since 1962. $SPX pic.twitter.com/OMcX7yfP5o
— Charlie Bilello (@charliebilello) June 30, 2022

Due to the difficult economic environment, a number of employees were laid off by crypto companies like BlockFi, Crypto.com, and Gemini. Bitpanda, a crypto-stock trading platform, has recently reduced its employee count by 277 full-time or part-time employees.

Related: The great crypto crash of 2022 wipes out 80,000 Bitcoin millionaires

Crypto is closely linked to the larger tech sector. The tech-heavy NASDAQ composite index fell by nearly 22.5% in the second quarter.

TrueUp’s “Tech Layoff Tracker”, which tracks tech layoffs, shows that there were over 26,000 tech workers affected by 200 cuts at their companies in June.

Tech Layoff Tracker. Source: TrueUp

There were 307 layoffs that impacted more than 52,000 employees during the quarter. The largest was Elon Musk’s Tesla with 3,500 affected. Coinbase, the cryptocurrency exchange, features twice: first, for its June 2 hiring freeze, job offer rescission, of almost 350 people, and second, for its June 14 staff cutoff that affected 1,100.

https://cointelegraph.com/news/worst-quarter-in-11-years-as-bitcoin-price-and-activity-plunges