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Bitcoin (BTC) on track for its worst quarter in more than a decade

Bitcoin is on track to post its worst quarterly loss in more than a decade.

The world’s largest cryptocurrency has lost around 58% of its value in the second quarter of 2022, according to data from CryptoCompare. Bitcoin has fallen from $45,524 at the start of the quarter and was trading jus below $19,000 on Thursday, the last day of the three-month period, according to CoinDesk data.

This is the worst quarterly performance for bitcoin since the third quarter of 2011 when it lost 68.1% of its value.

Bitcoin is down 39.8% in June and is on pace for the worst month ever dating back to 2010 when it became available on exchanges, Coin Metrics data shows.

Meanwhile, ether is down 69.3% in the second quarter and is on track for its worst quarter on record, dating back to its inception in 2015, according to Coin Metrics data.

Coin collapse, 3AC liquidation

Cryptocurrency prices have come under intense pressure this quarter amid rampant inflation which has caused central banks around the world to raise interest rates and led to a sell-off in risk assets, such as stocks and digital coins.

The crash in prices has also exposed issues with a several cryptocurrency companies and projects, particularly those in the lending space and firms that are highly leveraged.

A number of high profile issues have come to light during the quarter.

Read more about tech and crypto from CNBC Pro

How does this cycle compare to the past?

—CNBC’s Gina Francolla contributed to this article.



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