Updated / Friday, 23 Apr 2021
11:43
Bitcoin has fallen below the $50,000 mark for the first time since early March
Bitcoin and other cryptocurrencies suffered hefty losses today on concern that US President Joe Biden s plan to raise capital gains taxes will curb investment in digital assets.
The selloff came after reports that the Biden administration is planning a raft of proposed changes to the US tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1m.
Bitcoin, the biggest and most popular cryptocurrency, slumped 5% to $48,8867, falling below the $50,000 mark for the first time since early March.
Crypto: Bitcoin, Ether, XRP, Dogecoin sink over Biden tax plans aljazeera.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aljazeera.com Daily Mail and Mail on Sunday newspapers.
Bitcoin Sinks Below $50,000 as Cryptocurrencies Stumble Over Biden Tax Plans
The tax plans jolted markets, prompting investors to book profits in stocks and other risk assets. By Reuters | Updated: 23 April 2021 18:01 IST
Bitcoin is on track for 15 percent loss on the week, though it is still up 65 percent since start of 2021
Highlights
Bitcoin slumped 5 percent
Others also remained bullish on Bitcoin s long term prospects
Bitcoin and other cryptocurrencies suffered hefty losses on Friday on concern that US President Joe Biden s plan to raise capital gains taxes will curb investment in digital assets.
The selloff came after reports that the Biden administration is planning a raft of proposed changes to the US tax code, including a plan to nearly double taxes on capital gains to 39.6 percent for people earning more than $1 million (roughly Rs. 7.4 crores).
Bitcoin, other cryptocurrencies suffer hefty losses over Biden s tax plans
By
Friday Apr 23, 2021
Representations of virtual currency Bitcoin and US dollar banknotes are seen in this picture illustration taken January 27, 2020. Reuters/File
The selloff came after reports that the Biden administration is planning a raft of proposed changes to the US tax code.
Bitcoin, the biggest and most popular cryptocurrency , slumped 5% to $48,8867.
The tax plans jolted markets, prompting investors to book profits in stocks and other risk assets.
TOKYO/LONDON: Bitcoin and other cryptocurrencies on Friday witnessed major losses over concern that US President Joe Biden s plan to raise capital gains taxes would reduce investment in digital assets.
Bitcoin Vs Dollar Rate: Cryptocurrency Bitcoin Sinks Below $50,000 As Cryptos Stumble Over Biden Tax Plans ndtv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ndtv.com Daily Mail and Mail on Sunday newspapers.