The value of the first cryptocurrency fell below $24,500 for the first time since December 25, 2020.
On Monday morning, June 13, 2022, BTC fell to $24,159, according to CoinMarketCap. This is the biggest drop in the price since December 25, 2020. As of 12:30 p.m. (GMT+3), Bitcoin is now $24,266.
Coinglass reports that the liquidation volume on the cryptocurrency market for the last 24 hours has already exceeded $800 million. BTC comes first in terms of liquidation volume — $327.5 million. ETH is in second place with a slight lag — $306.9 million.
The fall of the crypto market is observed against the background of the biggest stock indexes drop. Earlier this year, analysts had already noted the largest correlation between the S&P 500 index quotes and the value of BTC since 2020. All major market indexes in the U.S. show a decline. Their quotes were strongly pressured by the publication of the U.S. Bureau of Labor Statistics report, according to which in May, the annual inflation rate in the USA was 8.6%, the highest value since December 1981.
The previous drop in the value of BTC was recorded in the first half of May. On May 9, the first cryptocurrency fell to $31,000 by the end of the day, and then three days later, it was lower than $26,800. At that time, Bitcoin price also followed in the wake of market indexes, which were put under pressure by the Federal Reserve’s decision to raise its key rate. There are reasons to believe that the current drop will continue.
