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

According to invezz report, Bitcoin (BTC/USD), the world’s largest cryptocurrency, is undergoing a sharp correction, approaching June 2022 lows. At the time of writing, it is trading at $18,801.78, down 5.98% over the past 24 hours.Information Guide Nigeria

Bitcoin’s price drop coincides with a broader market correction that has caused the market cap of all cryptocurrencies to drop below $1 trillion once again. Alongside Bitcoin, altcoins have also seen sharp declines, with Ethereum (ETH/USD) down more than 8% of his.

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Liquations amid the market crash

The main reason for the current market downturn is the uncertain global macro situation coupled with market inflation following the devastating pandemic.JAMB Result

There have also been multiple liquidations amid market crashes as global macroeconomic uncertainty has increased.

According to a tweet by cryptocurrency journalist Colin Wu: β€œIn 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.

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