The bitcoin (BTC) price briefly fell below $20,000 for the first time in nearly two months, following US President Joe Biden’s latest budget and the collapse of Silvergate “cryptobank.”
BTC price fell as low as $19,945 on March 10 before bouncing back to just above $20,000according to data from CoinMarketCap.
Bitcoin got off to a stellar start in 2023, but fell as much as 5% in an hour on March 3 amid uncertainty at Silvergate. The price does not seem to have been able to raise its head since then.
The announcement that Silvergate Bank, one of the leading banks in the United States serving crypto businesses, had entered voluntary liquidation on March 8 has emerged as a potential strong headwind for the crypto industry.
For his part, A March 9 supplemental budget explanatory document revealed that U.S. crypto miners could be subject to a 30% tax on electricity costs under a Biden budget proposal that aims to “reduce mining activity.”
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