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Shocking: Bitcoin’s worst quarterly close in 11 years

Bitcoin Drops for the Second Consecutive Day in 2023

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.

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

As a point of reference, the all-time high (ATH) of Bitcoin on November 8, 2021, was $69,044, while the cryptocurrency began the year at around $47,000.
In spite of this, the price of Bitcoin plummeted under $20,000 again for the third time in a month. The Bitcoin market is in turmoil following a 38% drop in BTC value in the previous 30 days. Since it’s all time high of $69,044, Bitcoin is now trading at $19,426, a decrease of around 72%.

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