Worst quarter in 11 years as Bitcoin price and activity plummet

Bitcoin (bitcoin) suffered its worst quarterly loss in 11 years, with both the price and activity of the blockchain plummeting over the past three months.

According to the data, in the second quarter ended June 30, the price of bitcoin fell from around $45,000 at the beginning of the quarter to $19,884 just before midnight ET on June 30. Coin Tigeraccording to the crypto analytics platform, a loss of 56.2% coin glass.

This was the biggest price drop since Q3 2011, when BTC fall The drop from $15.40 to $5.03 was a drop of more than 67%, worse than the bear markets of 2014 and 2018, when the price of bitcoin fell 39.7% and 49.7%, respectively, in its worst quarters.

saw last quarter Eight consecutive weeks of red candles For Bitcoin, a drop of more than 37% in June, biggest monthly loss Since September 2011, prices have fallen more than 38.5% for the month.

There are also signs that investors are keeping their powder dry — or running out of money — during the bear market.Activity on the blockchain is diving with Bitcoin Spot quantity — The total amount of coins traded on the blockchain — dropped by over 58.5% in just 9 days according to June 29 analysis from Arcane Research.

But it’s not just volatile cryptocurrency markets.Traditional stock markets have also been hit hard due to high inflation and rising interest rates, which some call Stock market has ‘worst quarter ever’.

Charlie Bilello, CEO of financial advisory firm Compound Capital Advisors, shared a chart on Twitter showing the S&P 500 fell 20.6% in the first half of 2022, the worst start to the year for the index since 1962, The price return at the time was -26.5%.

Difficult economic conditions have seen Mass layoffs From crypto companies like Gemini, Crypto.com, and BlockFi.The nearest cryptocurrency and stock trading platform Bitpanda cuts headcount About 277 full-time and part-time employees.

related: 80,000 Bitcoin millionaires killed in 2022 crypto crash

encryption is Strong relevance to the wider tech industry The tech-heavy Nasdaq Composite fell nearly 22.5% in the second quarter.

“Technical layoffs” tracking device“In June alone, more than 26,000 tech workers were laid off across 200 companies,” figures from tech jobs council TrueUp show.

Tech layoff tracker. resource: really up

During the quarter, 307 layoffs affected more than 52,000 employees, with the largest layoffs coming from Elon Musk’s Tesla, which affected 3,500 people.The cryptocurrency exchange Coinbase has two characteristics, the first is its Recruitment freeze on June 2 and nearly 350 jobs have been rescinded and Staff layoffs on June 14affecting 1,100 people.

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