Bitcoin

On March 10th, the price of BTC experienced a dip below the $20,000 mark, which had not occurred in almost two months. This drop followed the announcement of the latest budget proposal from United States President Joe Biden and the collapse of the “crypto-bank” Silvergate.CoinMarketCap data indicates that the BTC price reached a low of $19,613 before recovering slightly to hover just above the $20,000 level. Despite having a strong start to 2023, BTC faced a significant decline of up to 5% in just an hour on March 3rd, which is believed to be linked to the uncertainties surrounding Silvergate. Since then, the price of BTC has not yet shown any significant signs of recovery.March began on a downward trend due to the re-emergence of concerns about inflation. Specifically, on March 7th, comments made by Jerome Powell, the chairman of the United States Federal Reserve (FED), added to the market’s belief that there would be a 50-basis point increase at the upcoming policy rate meeting, scheduled for March 22nd to March 23rd.Read more on what caused the<a href="https://crypto.ro/en/analysis/bitcoin-drops-below-20k/" rel="noopener noreferrer nofollow"> Bitcoin drop below $20,000</a>.

Bitcoin drops below $20,000 following Biden’s budget proposal

crypto.ro global

Alte articole publicate pe 10 mar. 2023

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