Bitcoin was able to lose around 58% of its value during the second quarter of 2022

And the Reasons are...

In the last period that ended in the quarter, during the quarter, U.S. Federal Reserve carried out two hefty interest rate increases to fight the rising inflation. This has raised the fear of recession within the U.S. and other countries

Macroecnomic pressure

Exchange for cryptocurrencies CoinFlex stopped customer withdrawals in the month of March in response to "extreme market conditions" and an account of a customer that was turned to negative equity

CoinFlex spat over 'Bitcoin Jesus'

The most significant event  during the quarter was the fall of the stablecoin that was algorithmically developed the terraUSD token and its sister luna that shook the entire industry

TerraUSD collapse

The Celsius scandal exposed the flaws in the lending models in the cryptocurrency market that gave users high yields

Lender Celsius pauses withdrawals