Bitcoin price drops close to June 2022 lows amid global macro uncertainties

The world’s largest cryptocurrency Bitcoin (BTC/USD) is in a strong correction that has pushed it close to its June 2022 lows. As of press time, it was trading at $18,801.78 and down 5.98% in the past 24 hours.

Bitcoin’s price drop corresponds with the broader market correction that has seen the general crypto market cap drop once again below $1 trillion. Besides Bitcoin, altcoins have also seen a steep decline with Ethereum (ETH/USD) dropping by over 8%.

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Liquations amid the market crash

The main reason behind the current market slump is the uncertain global macro conditions coupled with market inflation after a devastating pandemic.

Besides the growing uncertainty in global macros, there are also several liquidations taking place amid the market crash.

According to a tweet by Colin Wu, a crypto-journalist:

“In the past 24 hours, Bitcoin fell by 6%, ETH fell by 8%, and the liquidation amount in 24h was 340 million US dollars. f2pool shows that Bitcoin mining machines such as T17 M21 have fallen below the shutdown price.”

The total unspent bitcoins over the last year have also reached an all-time high.