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The world’s largest cryptocurrency bitcoin (BTC/USD) is in a strong correction that has pushed it closer to its June 2022 lows. At press time, it was trading at $18,801.78 and down 5.98% over the past 24 hours.
The decline in the price of bitcoin coincides with a broad market correction that has seen the general crypto market cap below $1 trillion once again. Apart from BitcoinAltcoins have also seen a huge drop along with Ethereum (ETH/USD) a drop of more than 8%.
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Liquidity amid market crash
The main reason behind the current market slowdown is uncertain global macro conditions along with market inflation following a devastating pandemic.
In addition to the growing uncertainty in the global macro, several liquidations are also taking place market crash,
according to a Tweet By Colin Wu, a crypto-journalist:
“Bitcoin is down 6%, ETH down 8% in the last 24 hours, and $340 million liquidated in 24 hours. f2pool shows that bitcoin miners like T17 M21 have fallen below the shutdown price.”
Total unspent bitcoins also reached an all-time high during the past year.
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