Crypto: Worst Quarterly Performance for Bitcoin, MiCa Law, Top, Flop, Outlook…

Firmly, we continue to stabilize the bear market. Data shows that Bitcoin has had its worst quarterly performance since 2011. Even many crypto companies are on the verge of bankruptcy. This speed up the process deleveraging. Bearing cycle or not, regulators also tighten the bolts of the encoder pads. Moreover, the OpenSea Market has been a victim of some user data leakage.

Bitcoin Records Its Worst Quarterly Close Since 2011

With its disastrous performance between May and June, the No. 1 cryptocurrency in the market posted its worst quarterly close in 11 years. According to data available on Coingecko, Bitcoin suffered a 58% loss during the second quarter of 2022, dropping from $45,528 on April 1 to $19,098 on June 30. When we take the low of $17,500 during the month of June, its quarterly decline is more than 60%.

But the worst is yet to come as analysts believe the asset could drop towards $13,000. If Bitcoin actually tests this level, its price will drop by 82% from its all-time high, the same extent as during the crypto winter of 2018. However, regardless of the level below $20k, its price remains high. Extremely. A good buying point for anyone wanting to acquire BTC from a long-term perspective.

To learn more, read the following article:

👉: Bitcoin Records Its Worst Quarterly Loss Since 2011

The European Union tightens the screws on cryptocurrency platforms

This week, European lawmakers introduced two key texts on cryptocurrencies. Mainly related to the issue of money laundering in the industry. According to this new law, companies operating in the cryptocurrency industry will be required to verify the identity of their customers regardless of the volume of transactions carried out. More clearly, the company will have to collect information on both the sender and receiver of crypto transactions.

New measures that, according to the European Council, should not only discourage criminals from using cryptocurrency, but also ensure that active cryptocurrency transfers can be traced. Crypto companies did not welcome this news. They were closer to 40 exchanges to express their dissatisfaction in a letter of protest to European regulators.

To learn more, read the following article:

👉: Money laundering: the European Union tightens the screws on cryptocurrency platforms

The development of coding is accelerating

Whoever says bear market, necessarily says companies on the verge of bankruptcy. In the current context of the cryptocurrency market, there are many platforms in the sector that are condoning bankruptcy. Celsius Network, Three Arrows Capital, Voyager Digital, and BlockFi, to name a few, are currently experiencing an internal crisis due to the bear market. Many of them suspended certain activities on their platform, in particular the withdrawal of funds.

However, the good news is that other crypto giants are ready to come to the rescue. The FTX exchange bought approximately 11.56% of Voyager Digital’s shares. It was rumored that the exchange was also looking to acquire Celsius Network and BlockFi. Venture capital Andreessen Horowitz had raised $4.5 billion at the end of May, with a portion of the money expected to be spent on bailouts.

To learn more, read the following article:

👉: Cryptocurrencies: Clapping for the End of the Bear Market According to JP Morgan Experts

OpenSea is a victim of a data leak

The largest crypto NFT marketplace, OpenSea, has announced that it has been the victim of a data leak. The culprit is actually an employee of the messaging service provider of the NFT exchange platform. The latter allegedly used his position to download and share email addresses with unauthorized third parties.

Faced with this situation, OpenSea calls on its users to beware of potential phishing scams. In this sense, users have been advised to be attentive to any attempt to impersonate the platform by email.

To learn more, read the following article:

👉: OpenSea: Newsletter users and subscribers at risk of phishing attacks after email data leak

Top and Flop: TerraClassic USD returns from the realm of the dead

Although the conditions were not met to have a really very good performance, we were able to find a cryptocurrency with a rather interesting growth rate even if the quality of the project leaves something to be desired.

The cryptocurrency among the top 100 cryptocurrencies with the biggest hack of the week is called: TerraClassic USD. The defunct USTC took over 300% in 7 days. It even tested the $0.10 mark before pulling back towards $0.05. There is no concrete factor that can really explain this increase except for the speculation that this cryptocurrency is now surrounded by impressive volatility. We don’t know how many people have been reminded that there is very little chance of recovering the Terra ecosystem because it is full of dark stories.

On a weekly basis, Curve Token DAO and Arweave were after TerraClassic USD, the only two cryptocurrencies that showed a positive growth rate.

Here are the week’s highs and lows:

Tops

encryption current track Gain in 7 days
TerraClassic US Dollar (USTC) 0.06 dollars 321%
Aruive (AR) USD 11.22 10.78%
Curve Dao Token (CRV) $0.80 2.54%
Source: CoinMarketCap

flops

encryption current track Gain in 7 days
Kucoin Token (KCS) $8.16 -24.80%
Polygon (Matic) 0.435 USD -20.5%
Zilliqa (ZIL) 0.037 dollars -20.01%
Source: CoinMarketCap

horizons …

Bitcoin price fell on defense of the $20,000 mark. Many experts are expecting a bottom much deeper than the $17,500 low. Some, like Crypto expert Il Capo, believe that the decline should stop at around $16K-$17K. Still others see Bitcoin tumbling around $13,000 to regain its withdrawal from the crypto winter of 2018. The most pessimistic, such as the investment manager at Guggenheim, expects a price drop below $10,000. The latter sees Bitcoin reaching $8000.

What seems certain is that as long as we settle into a bear market, it will be difficult for Bitcoin to beat the token bar at $20,000. All previously mentioned levels can be tested during this bearish cycle. But, as mentioned earlier, regardless of the level below $20K, this value remains a very good entry point to “buy the dip” and turn an investment with a long-term outlook into a reality.

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