As the second quarter come to a close, bitcoin posted its worst loss than in over ten years.

As reported by data from CryptoCompare, the value of bitcoin decreased from $45,524 at the beginning of the quarter to $19,000 at its end on Thursday. This market the coin's lowest value since the third quarter of 2011, which is when it lost 68.2% of its total value.

There are a variety of reasons that bitcoin could have potentially lost its value over time. One reason is from macroeconomic pressure. This means that fears could arise regarding the possibility of an economic recession or chances of inflation in general. Bitcoin rates are typically related to the prices of United States stock indexes.

Another reason that bitcoin could have possibly lost its value is the fall of the stablecoin known as the terraUSD. A stablecoin, which is a form of cryptocurrency that is connected to a physical asset, comes in the form of the terraUSD. The terraUSD is essentially linked with the United States dollar. But the entire system related to the stablecoin and terraUSD ended up failing, and so it became completely devoid of value in the end.

Problems with the cryptocurrency lender Celsius could be yet another reason for the decrease in bitcoin's value. In particular, Celsius decided to put a hold on customer withdrawals throughout the month of June. Celsius recently wrote in a blog post that it was implementing "important steps to preserve and protect assets and explore options available to us."

Three Arrows Capital, one of the most renowned hedge funds that are devoted to cryptocurrency investments, also experienced some problems that could very well be related to the bitcoin loss in valuation. Specifically, Three Arrows Capital had borrowed money from crypto lender BlockFi, but was not able to meet the margin call. In turn, Three Arrows Capital reached an overall state of liquidation, according to CNBC.

Some spokespersons and strategists have had much to say regarding the fall of bitcoin's value. It is still unclear as to whether bitcoin will remain at a low or make a rebound, but strategists seem to think it will come back around. "Bitcoin has had good success over the last dozen years at making cyclical lows every 90 weeks," said Mark Newton, technical strategist at Fundstrat. "Lows should be right around the corner according to this cycle composite, and one should be on alert in the month of July, looking to buy weakness for a healthy rebound, just as sentiment seems to be reaching a bearish tipping point."