cryptonews: Bitcoin's price has sunk below $20,000 — down 8% over the past 24 hours. 📉
There have been widespread sell-offs in the global markets after the health of U.S. banks came into sharp focus.
Investors were spooked after SVB announced that it was going to hold a $2.25 billion share sale — prompting some customers to speedily withdraw their deposits. There are now fears of a bank run at SVB, with the company's chief executive urging clients to "stay calm." When it comes to crypto-specific issues that may be dragging down prices, there has been some alarm at President Joe Biden's proposals to impose a 30% tax on crypto miners, which would be based on the cost of the electricity they use.
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