Bitcoin is Showing its Worst Quarterly Performance Since 2018

Bitcoin is showing its worst performance since 2018. Bitcoin lost more than 40 percent in the second quarter of the year.

The leading cryptocurrency Bitcoin (BTC) is showing its worst quarterly performance since the fourth quarter of 2018. Bitcoin, which closed the first quarter of 2021 with more than 100 percent gains with Tesla CEO Elon Musk's Twitter shares and Bitcoin investment, fell to around $ 30 thousand in June with a rapid depreciation after recording an all-time high on April 14. . While Elon Musk's withdrawal of support for Bitcoin due to environmental concerns was a major factor in the sudden decline of Bitcoin, China's ban on Bitcoin mining also severely suppressed prices.

How Did Elon Musk Influenced Bitcoin

Elon Musk caught attention when he asked if it was possible to move Tesla's balance sheet to Bitcoin on Twitter in December. MicroStrategy CEO Michael Saylor told Musk, "If you want to do your shareholders a favor worth $100 billion, you have to move your balance sheet from dollars to bitcoin." A month after his Twitter conversation with Michael Saylor, Musk put the Bitcoin tag and emoji on his Twitter profile, and as a result of this move, Bitcoin exceeded 36 thousand dollars with a value gain of about 15 percent. Musk was the person who ignited the Dogecoin rally with the “Doge” image he shared on Twitter earlier on the same day. Elon Musk said in a chat room at Clubhouse, "Dogecoin is the people's cryptocurrency. I should have bought Bitcoin 8 years ago, I was late to the party." When Musk first tweeted about Bitcoin in December, the leading cryptocurrency was around $23,000. Finally, after Tesla bought $1 billion worth of Bitcoin, the value of the cryptocurrency has more than doubled over the past $47,000 level. Elon Musk, in a post on Twitter in mid-April, said that 50% of Bitcoin mining is done with renewable energy sources and Tesla will restart Bitcoin transactions if this positive trend continues. The decrease in Bitcoin also occurred as a result of this sharing.

Chinese Impact on Bitcoin

Agricultural Bank of China, the third largest bank in China, announced in a statement that it has banned the use of its own services for cryptocurrency transactions. Thus, for the first time after the bans of the Chinese government, a bank banned related transactions in China. Cryptocurrency miners, including Hashcow and BTC.Top, have decided to halt their operations in the country after the Chinese government's bans on Bitcoin mining.