Bitcoin is set to cap its worst quarter in a decade

Concerns in global markets and the exit from risky markets due to the tightening monetary policy tools of country central banks continue to negatively affect cryptocurrency markets, especially Bitcoin. Data provided by Bloomberg shows that Bitcoin, the most valuable cryptocurrency in the markets, recorded its biggest quarterly decline since the 3rd quarter of 2011. Bitcoin (BTC) lost 58 percent of its value in the 2nd quarter of 2022 compared to its current price of $ 19,490. Over the last 10 years, the cryptocurrency industry has gone through a significant adaptation process and has been adopted by many countries. So much so that in recent years, comments made by state authorities about banning cryptocurrencies have largely given way to regulatory discourse. In addition, the low interest rates of developed countries during this period were an important factor that enabled investors to turn to risky markets. During this process, the altcoin market has grown significantly along with Bitcoin, and the total cryptocurrency market value rose to $ 3 trillion in November last year, reaching an all-time high. Bitcoin (BTC) has continued to be a seller since the beginning of the week, and BTC, which started the day at $ 20,123 today, has lost 3 percent since its opening, dropping below $ 19,500. Although the downward trend in cryptocurrency markets emerged from the inflation pressure that could not be stopped in global markets, the negativities within the market also triggered sharp sales. The collapse of Terraform Labs in May was priced by the market as an extremely negative development. Because the two native tokens of the Terra ecosystem, LUNA and the stablecoin UST, were among the 10 largest cryptocurrencies in the market. After the collapse of Terra, crypto companies that had commercial relations with this platform also suffered serious losses, and the companies could not recover due to the rapid exits from the market. Accordingly, in June, first the crypto credit company Celsius and then the crypto hedge fund Three Arrows Capital came to the brink of bankruptcy. The main factor that pushed these companies to the rapid liquidation process is attributed to the high interest rates they offer for investment products. The earthquake in the crypto markets also continued with layoffs from many companies. Comments made by market experts indicate that crypto company bankruptcies may continue. What do experts think about the Bitcoin price? Despite the extremely negative atmosphere in the cryptocurrency markets, some analysts believe that the bottom has been seen. JPMorgan (NYSE: JPM) strategists commented in their report published this week that the decline seen in recent months may slow down. Experts also drew attention to the healthy movement of venture capital funds in the last two months. Fundstrat technical strategist Mark Newton approached the subject from a technical perspective, drawing attention to Bitcoin's 90-week cycles since its market debut and saying that it has acted decisively in cyclical declines during this time. Mark Newton emphasized these cycles in his commentary, implying that the decline process may be completed as of July and the return may begin.