Bitcoin Slips Below $20K Amid Biden Budget and Silvergate Collapse
Bitcoin experiences rollercoaster ride amid Biden budget and Silvergate collapse
Bitcoin, the world’s most popular cryptocurrency, has experienced a rollercoaster ride in recent days. The latest budget proposal by United States President Joe Biden, which includes a 30% tax on electricity costs for crypto miners, has had a significant impact on the market. On top of that, the recent collapse of Silvergate, a key bank for crypto firms in the US, has added to the industry’s woes.
After a strong start to 2023, the price of Bitcoin took a hit on Mar. 3, dropping 5% in just an hour. And now, on Mar. 10, the price briefly slipped below $20,000 for the first time in almost two months, hitting a low of $19,945 before bouncing back slightly to just above $20,000.
The news of Silvergate’s voluntary liquidation on Mar. 8 has shaken the crypto industry, as it is a vital bank for crypto firms in the US. This has only added to the uncertainty surrounding the market. However, despite the recent challenges, the cryptocurrency community remains optimistic and believes that the market will eventually recover.
Stay tuned for more updates on the ever-changing world of cryptocurrency, as we continue to monitor the latest developments in the industry.
Recommended reading: 5 Tips for Beginner Bitcoin Traders
(Image credit: logll.com)
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Frequently Asked Questions
FAQ:
What caused the recent slip in Bitcoin's price?
Bitcoin's price slipped due to the latest budget proposal by United States President Joe Biden, which includes a 30% tax on electricity costs for crypto miners, and the recent collapse of Silvergate, a key bank for crypto firms in the US.
When did Silvergate announce its voluntary liquidation?
Silvergate announced its voluntary liquidation on Mar. 8.
Why is Silvergate's collapse significant for the crypto industry?
Silvergate is a key bank for crypto firms in the US, so its collapse has added to the industry's woes and uncertainty surrounding the market.
Is the cryptocurrency community optimistic about the market's eventual recovery?
Yes, despite the recent challenges, the cryptocurrency community remains optimistic and believes that the market will eventually recover.
