Key facts:
The bitcoin price depreciated 40.6% in June, its worst monthly drop in history.
“We survivors will come out stronger,” says a trader optimistic about the fall
Bitcoin (BTC) ended June with the harshest monthly price decline in its history, amid the bearish trend facing markets in general.
The price of bitcoin depreciated 40.6% in June 2022, which means its worst monthly drop in history, according to reported J Coiners. At this time, the CriptoNoticias calculator shows that the cryptocurrency is trading at USD 19,000, 72.46% below its all-time high in November 2021.
The cryptocurrency is currently struggling to hold onto $19,000, although demand does not appear to be strong enough. That is why it could go lower in price continuing the downtrend it has been doing last quarter, in sync with the stock market.
During the second quarter of 2022 the price of the cryptocurrency plummeted 56.27%. That reflects the worst quarterly drop for bitcoin in over a decade since 2011 when lost 66% of its value going from USD 15 to USD 5.
Bitcoin and stocks are going through one of their worst falls in history
The current drop in bitcoin comes at the same time that stocks are experiencing one of their worst moments in history. The S&P 500 Stock Indexwhich registers the main public companies in the United Statesposted its worst first half of the year since 1970. So far in 2022, it’s down more than 20% and Nasdaq almost 30%.
“We had the unprecedented pandemic that shut down the world and the unprecedented response, both fiscal and monetary,” explained Stephanie Lang, the chief investment officer for Homrich Berg at CNBC. The specialist indicated that this scenario created “the perfect storm” and “there is an inflation that we have not seen in decades.”
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“Now the market is being forced to adjust to this new reality where the Fed is trying to catch up and slow growth,” he argued. In the meantime, bitcoin bulls remain bullish long-termlike the trader Juanencripto, who said on the quarterly drop: “The survivors will come out stronger.”