Mar 11, 2023

Bitcoin Plummets Below $20K After Silvergate Collapse

The price of Bitcoin (BTC) briefly dropped below $20,000 for the first time in two months on March 10, following the release of the latest United States budget from President Joe Biden and the collapse of crypto-bank Silvergate.

Data from CoinMarketCap showed that BTC dipped to $19,945 before recovering to hover just above $20,000. The cryptocurrency had a strong start to 2021, but the uncertainty surrounding Silvergate Bank has caused the price to fall as much as 5% in an hour on March 3.

Silvergate Bank is one of the leading banks in the US that services crypto firms, and its voluntary liquidation on March 8 has created a strong headwind for the crypto industry.

Adding to the pressure on the crypto market is a supplementary budget explainer paper released on March 9, which revealed that US crypto miners could be subject to a 30% tax on electricity costs under a Biden budget proposal. The proposal is designed to reduce mining activity.

The news has created a challenging environment for those looking to take advantage of the web3 space, including those selling Non-Fungible Tokens (NFTs). NFTs are digital assets that are unique and can be used to represent a variety of items, such as art, music, and collectibles.

The crypto market downturn has made it more difficult for those selling NFTs to promote their products, as traditional marketing channels such as Twitter and other social media platforms have become less effective.

As a result, many NFT sellers are turning to specialized NFT marketing agencies to help them reach their target audience. These agencies are experts in web3 marketing and have the expertise to help NFT sellers create effective campaigns to promote their products.

These agencies can also help NFT sellers with their branding, creating unique visuals and copy that will help them stand out from the competition. They can also provide support in creating partnerships with influencers and other industry leaders to help spread the word about their products.

The crypto market downturn has created some challenges for those selling NFTs, but with the help of a specialized NFT marketing agency, it is possible to stay ahead of the competition and continue to promote their products.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.