Bitcoin falls below $20,000 for the first time since January

MADRID, March 10 (-) –

The price of bitcoin, the reference token for the cryptographic asset markets, fell this Friday by more than 3%, until it was below the threshold of $20,000 (18,929 euros) for the first time since mid-January due to the turbulence due to the collapse of Silvergate Bank, the latest victim of the ‘crypto winter’.

In this way, the bitcoin exchange rate fell during the last session of the week to $19,648 (18,596 euros), 3.47% below the close set on Thursday.

However, so far this year it still accumulates a revaluation of almost 20%.

The pressure on the cryptographic market as a result of the bankruptcy of the FTX platform and the domino effect on other players in the sector, whose latest victim has been the ‘cryptobank’ Silvergate, which announced the cessation and liquidation of its operations, has also increased. with US Federal Reserve Chairman Jerome Powell announcing that interest rates will probably need to rise more than initially anticipated and stay high for longer.

Likewise, in the budget proposal for 2024 presented by the president of the United States, Joe Biden, an increase in taxes is contemplated, including a tax of at least 25% on fortunes of more than 100 million dollars (94 million dollars). euros), as well as increasing the rate paid by companies from the current 21% to 28%, although still well below the 35% prior to the reform implemented by former President Donald Trump.

On the other hand, the announcement by Silicon Valley Group, parent company of Silicon Valley Bank (SVB), of losses of around 1,800 million dollars (1,704 million euros) in the first quarter and an accelerated placement of shares of 1,750 million dollars (1,656 million euros) to clean up its capital position caused nervousness among investors and sharp falls in the price of financial sector securities.

Related articles