Bitcoin (BTC) has posted its steepest quarterly loss in 11 years as the price of the leading cryptocurrency plummeted as much as 56.27% between April and June, according to data from blockchain analytics Skew.
It’s the worst quarterly performance since Q3 2011, when Bitcoin fell by 66.62%—from $15.40 to $5.14, which is also beating the drastic price slumps of the first and the fourth quarters of 2018, when BTC lost 49.89% and 42.54%, respectively.
After a relatively calm first three months of 2022, which saw Bitcoin fall by just 1.46%, the benchmark cryptocurrency plummeted from above $45,000 at the start of April to levels below $20,000 on June 30—slipping underneath $18,000 in the process.
Bitcoin was trading at $19,594 by press time, up 1.89% over the past 24 hours, according to CoinMarketCap.
The latest market meltdown happened amid a cascade of dramatic events, such as the collapse of Terra ecosystem in May and the liquidity crisis faced by some crypto lending firms and hedge funds, including Celsius and Three Arrows Capital (3AC).
As the cumulative market capitalization of all cryptocurrencies slipped below $1 trillion in June, many established firms also announced they were reducing their headcount or shrinking operations.
These included crypto exchanges Coinbase, Gemini, Crypto.com, and Bitso, crypto lender BlockFi, as well as the leading European crypto broker Bitpanda.