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Bitcoin tumbles below $50,000, other cryptos sink over Biden tax plans By Stanley White, Anna Irrera and Gertrude Chavez-Dreyfuss Reuters TOKYO/LONDON/NEW YORK (Reuters) - Bitcoin and other cryptocurrencies posted sharp losses on Friday, on concern that U.S. President Joe Biden s plan to raise capital gains taxes will curb investments in digital assets. News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million. Bitcoin, the biggest and most popular cryptocurrency, slumped to $47,555, falling below the $50,000 mark for the first time since early March. It was last down 4% at $49,667.

New yorkUnited statesCity ofUnited kingdomDon guoThyagaraju adinarayanKevin bucklandAnna irreraNick spanosNeil wilsonGertrude chavezRuud feltkampJoe bidenStanley whiteEmelia sithole matariseGertrude chavez dreyfuss