Bitcoin sees its worst quarter in 11 years

Bitcoin registered its worst decline in 11 years during the second quarter amid the crypto market downturn, per The Block.

Following the rout of May and June, the 56% drop was Bitcoin’s worst quarterly drawdown since the third quarter of 2011.

Data from CoinGecko showed bitcoin trading hands at $19,452 at the time of writing.

Bitcoin hovered on either side of $19,000 on Thursday, before recovering slightly to gain 1.9% over the past 24 hours.

The quarterly loss comes as multiple crises have played out across financial markets.

In June, crypto lenders Celsius and BlockFi came under persistent scrutiny following the former’s decision to halt withdrawals for customers and speculation that the latter was set to be acquired at a cut-rate price by FTX.

Crypto hedge fund Three Arrows Capital too is facing liquidation in the British Virgin Islands after the Eastern Caribbean Supreme Court appointed Teneo to handle the proceedings.

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