President Joe Biden introduced the new US budget for 2023, after which large-scale sales went on the US stock market. Bitcoin, like any other risky asset, reacted to this with a sharp decline.
In addition, the budget assumes the introduction of a tax of 30% on the use of electricity by miners – the White House administration decided to “reduce mining activity.” At the same time, it is the United States that is currently the world leader in the hash rate of the Bitcoin network.
The announcement of the liquidation of the Silvergate cryptocurrency bank, which served a significant number of crypto firms, added fuel to the fire. The bank plans to return all deposits to customers and then stop operations.
At the time of publication, the first cryptocurrency is trading at $19,960. In 24 hours, the fall was 8.15%. The ETH exchange rate fell by 7.9% and now the coin is trading at $1,420. Most of the popular altcoins lost within 5% of their capitalization, although some tokens and cryptocurrencies recorded a large-scale drop. For example, the Huobi exchange’s own token immediately collapsed by 20%, while the Tron cryptocurrency fell by 12.5%.
It should be noted that against the backdrop of another crisis in the cryptocurrency market, the volume of transfers in BTC decreased by 35% per day. The number of transactions fell by 17%, and the rate of active addresses decreased by 10%.
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