With a drop of over 40% against the dollar in the last three months, Q2 of 2021 for Bitcoin (BTC) was the worst quarter since Q4 of 2018, which marked the end of the previous bear market. After an extremely volatile quarter for bitcoin, the asset closed its worst quarter since the 2018 bear market and the third worst since 2014 in terms of USD performance. The cryptocurrency has lost more than 41% in this period, despite surging to an all-time high of $65,000 in mid-April. Despite bearish data, Bitcoin has gained around 20% to date.
The second quarter of 2021 (April 1 according to Bitstamp), which started at $58,789, ended at $35,037, down nearly 40.5%. With the volatility even greater, Bitcoin’s second-quarter high was ATH at $64.89K, while the quarter-low was $28,600.
Bitcoin’s Worst Third Quarter Since 2014
Q2 has historically been one of the best quarters for BTC. This year, too, everything started off quite well. In the first few weeks of April, Bitcoin continued its uptrend, culminating in the middle of the month (April 14, 2021) when it reached $65,000. But then everything changed as BTC retraced a few thousand dollars and dropped below $60,000. Numerous reports emerged that the institutional interest that had been the driving force of the rally was waning.
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 party, reiterating its old ban on BTC and even going after miners.
FUD and over-leveraged positions forced the primary cryptocurrency down and Bitcoin dropped to $30,000. This meant a 54% drop in a month after the peak, making May the second worst trading month for Bitcoin. Despite jumping several times and attempting to surpass $40,000, BTC failed to recover most of its losses in June. It even fell below $30,000 for the first time since January.
There was a drop of over 40% in this quarter, making it the third-worst quarter since 2014.
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