Bitcoin Faces Worst Q2 Market Conditions Ever... Last Trade of Half-Year Also Down 4%

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Baek Jong-min] Cryptocurrency Bitcoin showed a weak performance on the last trading day of the first half of the year. Although Bitcoin posted its worst performance in the second quarter, altcoins still recorded significant gains compared to the beginning of the year despite the sharp declines.

According to CoinMarketCap on the 30th (local time), Bitcoin fell about 4% compared to 24 hours ago, trading in the $34,000 range.

Ethereum rose 2.6% to trade in the $2,280 range, while Dogecoin fell 5.2% to 25.4 cents.

MarketWatch evaluated that Bitcoin experienced its worst second quarter ever on this day. MarketWatch reported that Bitcoin fell 42% from its peak in the second quarter and posted its worst half-year performance since 2018. Bitcoin is expected to close the half-year trading at a level slightly higher than the end of last year.

Compared to Bitcoin, altcoins that were slower to rise are still on an upward trend compared to the end of last year.

Ethereum, the second largest by market capitalization, traded in the low $700s at the end of last year but has surged to the $2,200 range. Although it recorded nearly a 50% drop from the peak of $4,100 reached in the second quarter, MarketWatch explained that it is still difficult to say the upward trend has been broken.

Dogecoin, supported by Tesla CEO Elon Musk, saw a nearly 70% drop from its peak in the second quarter but still recorded a 380% increase compared to the beginning of the year. Thanks to a 980% surge in the first quarter, it is recovering from the sharp decline in the second quarter.

During the first half of the year, cryptocurrencies faced many adverse factors including regulations by governments such as China and the United States, mining shutdowns, and the mixed expectations and sell-offs following CEO Musk’s appearance on SNL.

Coindesk reported that although Bitcoin is on discount sale, institutional investors are hesitant to invest. Coindesk also stated that due to China’s mining regulations, Bitcoin’s hashrate has decreased, which is positive for miners in other countries. One miner said that profits are similar now to when Bitcoin was priced at $50,000.

TheStreet.com reported that Soros Asset Management, operated by billionaire hedge fund investor George Soros, has started trading Bitcoin.

This content was produced with the assistance of AI translation services.