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Bitcoin slips below $20,000

Bitcoin slips below the $20,000 mark.

By Finst News
• 2 min read
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Bitcoin slips below $20,000

Bitcoin slips below the $20,000 threshold. Several external factors are fueling the sell-off of the top crypto.

After a brilliant start in 2023, Bitcoin does a 180. The most valuable cryptocurrency is currently dipping under 20k at the time of writing. Current price: $19,977 USD/ €18,796.

External factors explaining the sell-off

First, there is the fall of Silvergate. The bank was one of the main payment processors for the crypto industry. On the other hand, the US government’s plans to double capital gains taxes are adding selling pressure. This also applies to the traditional financial market.

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Rumors of a possible liquidation of 49,000 BTC by the US also add uncertainty in the crypto market. The security company PeckShield signaled on Twitter several transactions from US authorities to the crypto exchange Coinbase. It involved seized Bitcoin from the former darknet marketplace "Silk Road".

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Last but not least, the tight macroeconomic situation has likely contributed to the recent sell-off. Inflation remains high. Central banks are trying to tackle this with rate hikes, which in turn affect all capital markets.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.