Bitcoin Bulls Under Pressure After Cryptocurrency Sale

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The sale of Bitcoin in the second quarter left a crater in the case of the bull for the highly speculative cryptocurrency.

Digital assets fell 41% in the second quarter, according to Dow Jones Market Data. This is the worst sell since a 43% drop in the fourth quarter of 2018 and the fourth worst drop in bitcoin history in more than a decade.

We can say with absolute certainty that the hype has left the market, said Mati Greenspan, who writes the Quantum Economics newsletter. This is more of a problem for bitcoin than for other assets, as bitcoin is driven largely by momentum and speculation.

Bitcoin certainly did not fall during a widespread collapse. The S&P 500 rose 8.2% and the Nasdaq Composite rose 9.5%. US crude oil rose 24% and even gold, the asset that many bitcoins compare digital currency to, rose 3.3%.

Throughout the quarter, there has been a constant rate of questions, about the speculative bitcoin frenzy, its power consumption, its risks. China has cracked down on the industry, and regulators in a number of other countries have raised questions as well. Elon Musk tweeted.

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