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Bitcoin dropped about 38 percent in June, marking its second-largest monthly loss since its introduction in 2009. According to CoinGecko statistics, it traded for more than $31,000 on June 1 and as low as $17,700 mid-month before rebounding and closing the month at $19,209.
The monthly decrease is second only to bitcoin's 38.6 percent drop in August 2011 and has knocked prices below their 2017 highs.
June's losses were precipitated by deteriorating macroeconomic mood, inflation worries, and systemic issues within the crypto ecosystem, such as the potential insolvency of crypto lender Celsius Network and the collapse of crypto hedge fund Three Arrows Capital.
“The losses were caused by many factors.” Ali Kassab, CEO of crypto investment firm Centurion & Co., stated as much. “These included monetary policies bordering on central banks’ response to rising inflation fueled by COVID-19 and the ongoing Russo-Ukrainian war.”
“From Terra’s collapse to the liquidation of Three Arrows Capital and unending layoffs, the bad trend in the crypto industry weighed down the price of bitcoin,” Kassab said, adding that he anticipated institutional investments “to pour into the asset” and produce “better price performance,” during July.
Others, like Chris Terry of the financing site SmartFi, anticipate a very tight trading range for bitcoin soon. “The trading desk believes that if bitcoin remains in the $18,000 to $20,000 level, it will be a long, drawn-out process, and we may be in this trading range for weeks,” he added.
Terry said, “Everybody kind of feels that bitcoin needs to wash out and take out all the short positions and reset, which would be probably the full 80% retracement, which is typical in the markets, which would be down in the $12,000 to $13,000 range.”
Earlier this week, central bankers rekindled investors’ anxieties about rate rises at the European Central Bank’s annual meeting. Chairman of the Federal Reserve Jerome Powell reaffirmed the central bank’s commitment to raising interest rates to combat inflation.
Powell stated at the ECB meeting that he was more concerned about the threat presented by inflation than the likelihood that increased interest rates may cause a recession in the United States.
According to Reuters, Powell stated that the Fed must quickly raise interest rates because a slow increase might make consumers believe that rising commodity prices will remain. A week ago, he signaled that rate rises may be tempered until next year.
Many are confident that bitcoin will ultimately rebound and soar to new heights, despite some believing it has not yet reached its lowest.
Jimmy Zhao, the founder of cryptocurrency exchange ZBX, stated, “I don’t think BTC has hit the bottom yet, but I am sure the bull market will come back.”
“I recommend buying bitcoin while the price is low and holding on to it, because in the next bull run, its price will hit $100,000 at least..”
Others in the business concur that acquiring bitcoin on the cheap and hanging on until the next cycle is the optimal strategy.
“Indicators show the market is in extreme fear condition, [with] some long-term holders capitulating and businesses defaulting,” said Anton Gulin, the business director of the cryptocurrency exchange AAX.”
“However, it’s neither the first nor the last bear cycle, and those with better long-term operational planning see it as an opportunity to build and prepare for the next bull run.
“When someone sells, someone is always buying.” Gulin said, “I expect a continued shift in liquidity and a series of mergers and acquisitions in the coming months.”
