It's been another seven days of declines and choppy price action for the cryptocurrency market, which ended up losing around $50 billion of its total capitalization. Bitcoin closed its worst quarter in a decade, whereas altcoins bleed out. Let's unpack. To say that the past week has been underwhelming in terms of price action would be an understatement. BTC was sitting around $21K this time last year and spent most of the time until Tuesday – June 28th, there. It was on that day when things started escalating to the downside and by Friday, the cryptocurrency had found itself below $19,000. It's also worth noting that this month's candle close was important because it's also the end of the quarter. As many expected, this propelled serious volatility and BTC's price shot up towards $21K but failed to sustain and is once again found below the critical level of $20,000 – the previous all-time high from the bull cycle of 2017-2018. Ultimately, Bitcoin closed the quarter below $20K and charted its worst quarterly performance in a decade. |
No comments:
Post a Comment