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Bitcoin Returns to $33,000 After 40% Price Drop

With a drop of more than 40% against the dollar in the last three months, the second quarter of 2021 was the worst quarter of bitcoin since the fourth quarter of 2018, a sign that the previous bear market was over.

After an extremely volatile quarter for Bitcoin, the asset closed its worst quarter since the 2018 market and its third worst quarter since 2014 in terms of USD performance. The cryptocurrency rose to an all-time high of $65,000 in mid-April, but lost more than 41% of its value during that period. Despite the data, Bitcoin has increased by about 20% so far.

The second quarter of 2021 (April 1, according to Bitstamp), which started at $58,789, ended at $35,037, down about 40.5%. While volatility was even greater, Bitcoin’s second-highest quarter was ATH at $64.89,000, while the lowest level of the quarter reached $28,600 just 8 days ago.

Bitcoin’s Third Worst Quarter Since 2014

As the report earlier this year, Q2 historically with an average ROI of 60%, BTC has been a good quarter of the time. Btc entered April after its best first quarter, when the USD price increased by more than 100%, so this year’s situation has risen further.

And it all started pretty well. In the first few weeks of April, bitcoin continued its upward trend, peaking in the middle of the month (April 14, 2021), when the asset reached almost $65,000 to set its current all-time high.

But then everything changed because BTC withdrew a few thousand dollars and fell below $60,000. So far, numerous reports have emerged that corporate interest, the driving force of the rally, has waned.

The landscape worsened in mid-May as Elon Musk’s Tesla disabled bitcoin payments for its products, citing environmental issues . After the sudden price drop, China joined the package, reiterated its old ban on BTC and even went after the miners.

FUD and over-leveraged positions pushed the primary cryptocurrency south, and bitcoin dropped to $30,000 days later. That meant a 54% drop in the month after the peak that made May bitcoin the second worst trading month .

Despite jumping several times and trying to exceed $40,000, BTC also failed to recover most of its losses in June. It even fell below $30,000 for the first time since January.

While currently trading at $34,000 – an increase of 25% since june’s low – the asset is still a long way from the entry price for the second quarter of 2021. In fact, there was a drop of more than 40% in this quarter, making it the third-worst quarter since 2014 and the fourth quarter of 2018, which ended a year-long bear market. It’s the worst quarter since the quarter.

Losing 40% of its value during the quarter does not mean anything good for the 2020/2021 bull market, in which the cryptocurrency has been in since late last year. Given the fact that the first quarter of 2018, the worst trading quarter overall, marked the beginning of the month-long bear market when it fell by 50%, it makes sense to question where the cryptocurrency is at the moment.

CryptoPotato recently reached out to several analysts and long-term allies for review whether they believe the bull market is over or not. While some, such as Max Keiser, said they had gone through worse corrections and further asserted their belief in BTC’s appreciation, others were not so optimistic that the aforementioned 50% drop could not be easily ignored.

On a more macro scale, though, bitcoin has still risen roughly 20% since the start of the year. He also pointed to a mind-boggling 800% return on investment since 350% higher than January 1, 2020, and the most severe day of COVID-19-related market collapse in March last year.

The cryptocurrency market value has seen $80 billion evaporate after bitcoin fell by about $2,000 in one day to just over $33,000.

After closing the worst trading quarter in three years, bitcoin continues its price declines, falling by $2,000 to just over $33,000. Most alternative cryptocurrencies have wiped out their recent gains, with ETH close to falling below $2,100 and BNB well below $300.

Bitcoin Drops $2,000

The last few days have been going pretty well for the primary cryptocurrency, as it has gained more than $6,000 since the weekend bloodbath. As reported yesterday, it even hit a 12-day high above $36,500 – the highest level in 12 days.

Although the positive news has come from giants such as George Soros’s Hedge Fund, cryptocurrency has started retracing in the last 24 hours. It initially fell to about $34,000, but the bulls have not given up control and once again raised it above $35,000.

However, the bears did not give up and drove the presence south again. This time btc’s decline was more severe and fell to just over $33,000. Therefore, bitcoin continues its negative trading trajectory after closing its worst quarter since 2018 with a 41% drop .

BTC’s market capitalization has fallen to just over $600 billion, while its dominance has fallen from 46% to 45.5%.

Altcoins; ETH Challenge for $2,100

Alternative coins also enjoyed the last few days with the highest levels in a few weeks. Ethereum was a valid example, as it added more than 30% of its value on the day above $2,200.

However, ETH has since lost more than $100 and is now close to falling below $2,100.

Binance Coin also rose above $300, but a 4% drop brought the asset closer to $285. Cardano (-1.5%), Dogecoin (-5.5%), Ripple (-3.5%), Polkadot (-3.5%), Bitcoin Cash (-4%), Litecoin (-4%) and Chainlink (-5.5%) are also better off in red than larger altcoins.

As the chart above shows, Maker is one of the few winners. The MRK has risen by double digits to more than $2,600 since yesterday.

In contrast, Ethereum Classic, UMA, Qtum, Bitcoin Gold, Nano, ICP, THORChain, Shiba Inu, Celo, Theta Fuel and Filecoin were also withdrawn in double digits.

The cumulative market value of all cryptocurrency assets has fallen to less than $1.4 trillion, losing about $80 billion a day.

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