The cryptocurrency had never witnessed the crash disaster that happened in June 2022. All investors recorded high losses with most of them resorting to panic sell.
The crash of Terra LUNA may be a contributing factor to the Bitcoin crash. But the high inflation and announcement by the Federal Reserves to increase the interest compounded the sell-off in the crypto market.
The most capitalized crypto, BTC dipped over 37 per cent in June – it’s the largest monthly price drop in 11 years. As the price dropped, it triggered more sell-off among short and long-term Bitcoin holders.
For instance, BTC price historical data in June 2022 on CoinMarketCap shows that Bitcoin ushered in the new month at $31,792.55 and by the second day, it dropped below $30K.
While it bounced back to $30k on June 3, it struggled to maintain $30K tag and on June 12 – a significant political history in Nigeria celebrated as Democracy Day – it fell to $26,762.65.
Since then, the fall continued through the month, closing at $22,487.39 on June 13. It recorded its lowest price on June 18, 2022, at $17,708.62, pulling down the market cap to $362,685,324,229.
The volatility continued but managed to close the month at $19,784.73 as against May price historical data that ended at $31,792.31.
Below is the Bitcoin price historical data for June 2022:
| Day | Opening (USD) | Close (USD) |
| June 1 | $31,792.55 | $29,799.08 |
| June 2 | $29,794.89 | $30,467.49 |
| June 3 | $30,467.81 | $29,704.39 |
| June 4 | $29,706.14 | $29,832.91 |
| June 5 | $29,835.12 | $29,906.66 |
| June 6 | $29,910.28 | $31,370.67 |
| June 7 | $31,371.74 | $31,155.48 |
| June 8 | $31,151.48 | $30,214.36 |
| June 9 | $30,215.28 | $30,112.00 |
| June 10 | $30,110.33 | $29,083.80 |
| June 11 | $29,084.67 | $28,360.81 |
| June 12 | $28,373.51 | $26,762.65 |
| June 13 | $26,737.58 | $22,487.39 |
| June 14 | $22,487.99 | $22,206.79 |
| June 15 | $22,196.73 | $22,572.84 |
| June 16 | $22,576.31 | $20,381.65 |
| June 17 | $20,385.72 | $20,471.48 |
| June 18 | $20,473.42 | $20,473.42 |
| June 19 | $19,017.64 | $20,553.27 |
| June 20 | $20,553.37 | $20,599.54 |
| June 21 | $20,594.29 | $20,710.60 |
| June 22 | $20,719.41 | $19,987.03 |
| June 23 | $19,986.61 | $21,085.88 |
| June 24 | $21,084.65 | $21,231.66 |
| June 25 | $21,233.61 | $21,502.34 |
| June 26 | $21,496.49 | $21,027.30 |
| June 27 | $21,028.24 | $20,735.48 |
| June 28 | $20,731.54 | $20,280.64 |
| June 29 | $20,281.17 | $20,104.02 |
| June 30 | $20,108.31 | $19,784.73 |
What impact is the Bitcoin crash on the crypto industry?
Investors, particularly those who bought when the BTC price was $30K and above. Major Cryptocurrency exchanges and firms announced including Coinbase announced job cuts. Coinbase is the largest crypto exchange in the United States.
The June BTC crash also affected prompted some lenders like Celsius to pause their withdrawal functionality while they monitor the market.
Commenting, the Chief Investment Officer at the digital-asset manager Arca Funds Jeff Dorman said the crash cut across the financial market, tagging it “the worst quarters on record pretty much everywhere across the equity market, across the bond market, across a lot of different places,” Jimmy He of CoinDesk quoted him as saying.
Would July 2022 be the recovery month for bitcoin and generally for the crypto market?