- Bitcoin’s price slumps 41% for the second trimester
- The digital asset is negative for a third straight month, down 6% in June
Bitcoin Winter Arrives Early
The world’s biggest digital currency, Bitcoin, ended the last trading day of the second quarter of the year at $34,500. In other words, the flagship currency recorded a loss of 41% for the quarter ended June, bringing forward the crypto winter during the spring-summer season. Bitcoin bulls were unable to sustain the upside momentum that boosted bitcoin’s price to a record of $64,500 in April and since then, the orange coin has been in a steep downtrend.
The digital token finished Wednesday’s trading with a monthly loss of around $2,100, or roughly 6%, pressured by the negative stream of reports related to China’s renewed crackdown on crypto mining and trading. Bitcoin dropped near its January lows around $28,700 in mid-June when Chinese authorities reaffirmed their hard line on the cryptocurrency market. During that period, the asset erased all its 2021 gains and turned negative by 1.5% for the year before bulls stepped in and pared some of the losses.
Presently, Bitcoin is trading around $33,500 per token, poised to end a second straight day in negative territory. Since bitcoin’s price slumped to current lows, crypto market participants have been witnessing periods of flat trading.
A Three-Months Fall
Despite the severity of the latest 55% selloff that saw Bitcoin’s price dip under $29,000, bitcoin has been through far worse experiences in its 12-year history. Since 2012, the leading digital currency has endured 14 selloffs of over 30%, 6 of more than 50%, and three price catastrophes of more than 80%.
The dry spell following a price crash in Bitcoin’s movement has been called a “crypto winter”. For the past month and a half, bitcoin has not been able to sustain a break above the $40,000 threshold, gyrating around the $35,000 mark.
Against the backdrop of increased regulatory pressures from government and central banks, the nascent market is waiting for a price catalyst that could ignite new momentum so bitcoin could embark on its next bullish cycle.
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