Bitcoin (BTC) briefly fell below $20,000 for the first time in almost two months, after the latest budget of the President of the United States Joe Biden and the collapse of the “crypto-bank” Silvergate.
The price of BTC dipped to $19,945 on March 10 before recovering to hover just above $20,000, according to data from CoinMarketCap.
Bitcoin had a stellar start to 2023 but fell as much as 5% intra-hourly on March 3 amid uncertainty over Silvergate. The price doesn’t seem to be able to go up since.
The announcement that Silvergate Bank, one of the major banks in the United States serving crypto companies, has entered into voluntary liquidation on March 8 has emerged as a major windfall for the crypto industry.
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Meanwhile, a supplementary budget explanatory paper on March 9 revealed that United States crypto miners could eventually face a 30% tax on electricity costs under Biden’s budget proposal that aims to “reduce mining activity.”