Talk about brutal. Bitcoin slumped over 37.3% in June — the biggest monthly price drop since 2011. We take a look at what happened:
) slumped over 37.3% in June – the biggest monthly price drop since 2011, in an epic market sell-off that triggered job cuts across the crypto industry and forced many lenders, including Celsius, to halt withdrawals and scramble to line up financial lifelines.“This was one of the worst quarters on record pretty much everywhere across the equity market, across the bond market, across a lot of different places,” said Jeff Dorman, chief investment officer at the digital-asset manager Arca Funds.
“A successful retest appears likely at this time and could set the base for a gradual recovery spread over a few months,” BitBull CEO Joe DiPasquale told CoinDesk in an email. “A breakdown from this range could see bitcoin trading between $13,000 to $15,000 and could send the market into a spiral that may require a longer period of time for recovery.”
“I think we're definitely closer to the end of that liquidation cycle,” Dorman said. “Those still left in this industry seem to have healthier balance sheets. The lending and borrowing and leverage is lower. Most funds you talk to are 50% cash, so I think the leveraged washout is probably coming to an end.”
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