Coinglass data shows that the price of VTC fell 56.2% in the second quarter of this year, from $45,000 to $19,900. This is the biggest drop since the third quarter of 2011 (then bitcoin fell from 15.40 to 5.03 or 67.34%).
The most record-breaking decline was in June. BTC recorded a -37.28% drop this month, which was the highest since September 2011.
This quarter was special in another way. For the first time in history, we had 8 consecutive weekly red candles.
Bears aren’t just attacking the crypto market
Traditional markets are having a rough time of it, too. To quote Charlie Bilelo, who estimated that the S&P 500 Index is down 20.6% in the first half of this year. That’s the worst result since…1962.
For the last quarter, the numbers are as follows: S&P 500 -16%, NASDAQ -22%, Tesla -37%, Amazon -35% (the biggest drop since 2000). Microsoft, Apple, Alphabet, and Meta stock prices are also down.
Former Bitmex CEO Arthur Hayes warned in a recent essay that Monday July 4 would be the date for another crypto-dump.
He cited three reasons. Among them is the deadline for crypto funds to repay their half-year obligations. Moreover, July 4 is a day off in the US, so traditional markets don’t work (you can’t buy fiat). The third factor the analyst is raising rates, but the FRS has so far delayed this move. So among the three Hayes factors we have two. So let’s be ready for a tough Monday and keep our heads up.