Five reasons bitcoin had its worst quarter in more than a decade
— Collapsed algorithmic stablecoin terrausd, Test, Liabilities, Market, Ust, Cryptocurrency industry, Collapse, Lender celsius pauses withdrawalscrypto lender celsius paused withdrawals, Stablecoins, Alleges — 1 min read
The Nasdaq Composite is down 22.4% for the second quarter, its worst quarterly performance since 2008. Macroeconomic pressure has hit bitcoin and the crypto market as investors dump risky assets. The collapse of the algorithmic stablecoin terraUSD and token luna sent shockwaves through the industry. Lender Celsius paused withdrawals for customers in June, citing "extreme market conditions" and a customer account that went into negative equity. 3AC had exposure to the collapsed stablecoin and lost its dollar peg and was liquidated by hedge funds Three Arrows Capital. The 3AC situation has exposed the highly leveraged nature of trading in the industry in recent times. Bitcoin has been closely correlated to the price movement of U.S. stock indexes. Source