Bitcoin

The most capitalized cryptocurrency $BTC ends the working week with a fall.As of the morning of March 10, the coin is trading below $20 thousand.<h2 id="header-0">Bitcoin fall today — reasons</h2>Bitcoin fell amid a negative news background. Let&#39;s consider the main pressure factors that are being talked about in the crypto community:<ul><li>Liquidation of a large cryptobank Silvergate. Many representatives of the crypto industry are confident that the closure of the company will entail a wave of new bankruptcies of crypto projects. </li></ul><ul><li>The US Federal Reserve plans to tighten monetary policy. </li><li>Accusation by the New York Prosecutor General&#39;s Office of the large KuCoin crypto exchange in violation of securities laws. </li><li>Proposals to change the taxation scheme of members of the crypto community in the United States. In particular, Biden calls for a 30% tax on all electricity used for mining cryptocurrencies. Recall that the United States is the largest center for the extraction of digital assets. </li></ul><ul><li>The risks of recognizing the second largest cryptocurrency by capitalization $ETH as an illegally issued security. The New York Attorney General&#39;s Office believes that the coin can be attributed to the designated group of assets. Recall, according to the American Securities and Exchange Commission (SEC), the only coin that can be considered a commodity is bitcoin. </li><li>The problems of Silicon Valley Bank, a crypto-friendly bank, against the background of an asset sale organized by its team. Shares of a credit institution that serves many companies close to the crypto industry, including Andreessen Horowitz (a16z), collapsed by more than 60%. The death of the bank, according to cryptans, can put significant pressure on the market.</li></ul>Also, the fall of bitcoin was accompanied by a decrease in the token of the large Huobi crypto exchange by more than 93% in less than 10 minutes.<h2 id="header-1">Bitcoin exchange rate forecast</h2>Bitcoin fall has become a reason for thinking about whether the decline of the coin will continue. The opinions of the participants of the crypto community diverged.Many traders believe that the BTC correction will be completed in the near future.Some market participants noted that the fall of bitcoin was expected, as a gap formed on the cryptocurrency chart, which BTC had to fill in from the point of view of technical analysis.Many remain positive. According to experts, the fall of bitcoin has already exhausted its full potential. They believe that against the background of the approaching halving of 2024, BTC can resume growth.Some participants of the crypto community see the potential for a deeper correction against the background of the breakthrough of important support levels by the cryptocurrency.There are also supporters of more negative scenarios in the market. For example, a number of analysts do not rule out a drop in BTC to $11,000.

What happens to BTC: reasons for bitcoin fall and forecast of bitcoin

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