The price of the Bitcoin (BTC) briefly slipped below $20,000 for the first time in nearly two months, following the latest budget from United States President Joe Biden and the collapse of “crypto-bank” Silvergate.
After a stellar start to 2023, the price of Bitcoin has failed to recover since it dropped 5% in 60 minutes on Mar. 3. It briefly dipped below $20,000 briefly on Mar. 10 to $19,945 before recovering only just above $20,000 at the time of writing.Price chart of Bitcoin over the last seven days. Source: Cointelegraph Markets Pro
The announcement that Silvergate Bank, one of the key banks in the United States that services crypto firms, had entered into voluntary liquidation on Mar. 8 has emerged as a strong headwind for the crypto industry.
Related: Bitcoin price drops to $20.8K as regulatory and macroeconomic pressure mounts
Meanwhile, a supplementary budget explainer paper on Mar. 9 revealed that United States crypto miners could eventually be subject to a 30% tax on electricity costs under a budget proposal by President Joe Biden aimed to “reduce mining activity.”