Bitcoin under $60,000 on track for a rare back-to-back quarterly loss

Bitcoin’s price took a dip over the weekend, falling below the $60,000 mark and trading around $59,940 on Sunday. This represented a decrease of 0.6% over a 24-hour period and nearly 7% over the course of the week, according to data from CoinDesk. As the quarter came to a close, selling pressure was evident in the market.

Once again, altcoins led the downward trend. Ether saw a 9.5% decline to approximately $1,567, dogecoin dropped by 11.7% to $0.073, Hyperliquid’s HYPE lost 10.6%, and XRP slid 8.7% to $1.04. However, Solana managed to hold up better at $70, experiencing a 3.5% decrease, while tron was the most resilient with a 1.5% drop in price.

Throughout the week, bitcoin remained relatively stable compared to other riskier assets in the market, which experienced more significant declines. As the first half of the year comes to a close, with just two days remaining, bitcoin is projected to finish the second quarter down by approximately 12%. This follows a 22% drop in the first quarter, as reported by Coinglass. Ether has seen even greater losses, down by about 25% in the second quarter after a 29% decline in the first quarter.

This challenging market environment has investors closely monitoring the performance of cryptocurrencies and seeking opportunities for potential gains. As the second quarter comes to an end, market participants are evaluating their positions and adjusting their strategies in response to the evolving landscape of the digital asset market.