A new record has been achieved for the world’s most popular cryptocurrency in the midst of a bear market. It’s been a rough year for Bitcoin (BTC) since January, when its value plummeted owing to a number of terrible events, including the bear market.
There seems to be no end in sight to the bear market for the popular digital asset, which continues to post low numbers. Investors have watched the value of their assets plummet, making many believe that the current bear market is the harshest since the emergence of the emerging asset class.
$BTC Another Monthly Candle Closed.!!
For the First time, Monthly Candle Closed Below the MA50 (21.5k)
Lowest Monthly RSI (41) ever.#Crypto #Bitcoin #BTC #BTCUSDT #BTCUSD pic.twitter.com/n7dJEIpT0N
— Captain Faibik (@CryptoFaibik) July 1, 2022
The asset class just posted its biggest quarterly loss in 11 years, which mirrored these investors’ concerns even more. Bitcoin’s price has dropped by 58% over the previous three months, according to statistics from cryptocurrency monitoring firm Coinmarketcap.
At the start of the second quarter of 2022, Bitcoin was trading at $46,735 and by the end of June, it had dropped to $19,918. While the quarterly record for BTC was terrible, the cryptocurrency had another dismal monthly finish.
Bitcoin’s Decline Since the All-Time High