BTC temporarily fell below $20000 for the first time in nearly two months after US President Joe Biden released the latest budget and the bankruptcy of its "data encryption bank" Silvergate.

According to CoinMarketCap, the price of BTC fell to $19945 on March 10 and then picked up to just over $20000.

Bitcoin got off to a good start in 2023, but on March 3, Bitcoin fell 5% in an hour because of uncertainty in the video of the Silvergate incident. Prices don't seem to have gone up since then.

Yinmen Bank, one of the key banks in the United States that provides services for login password companies, entered a self-liquidation plan on March 8, a news that could lead to a strong headwind turnaround in the login password industry.

In addition, according to a filling budget statement released on March 9, according to Biden's budget proposal to "reduce mining-themed activities," U.S. data encryption mining is likely to end up with a 30% water and electricity tax.