The fall was caused by the situation in the US stock market and the collapse of a major lender in the crypto industry.
On Friday, March 10, the price of Bitcoin fell below $20,000, hitting a nearly two-month low. This is confirmed by data from the cryptocurrency exchange Coindesk.
In the last 24 hours, the minimum Bitcoin price was $19,580 and the maximum was $21,819. Daily decrease – more than 7%.
Note that at the beginning of 2023, the cryptocurrency was around 16,600 thousand dollars, but in mid-February it grew to 25,000 dollars.
According to CNBS, the fall of the cryptocurrency was caused by a number of factors.
Thus, the movement of Bitcoin prices is closely connected to the US stock markets, especially the Nasdaq. On Thursday, major US indices closed lower.
In addition, on Tuesday, February 7, US Federal Reserve Chairman Jerome Powell said that interest rates may rise and remain higher than expected.
Another major factor affecting cryptocurrency prices is the collapse of Silvergate Capital, a major lender to the crypto industry. The company said on February 8 that it was halting operations and liquidating its bank.
“The collapse of Silvergate is another example of how the collapse of the main cryptocurrency exchange FTX continues to affect the industry. FTX is a major client of Silvergate,” the channel recalled.
Recall that in November last year, the value of Bitcoin was updated with a two-year low.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.