Bitcoin and other cryptocurrencies recorded sharp losses on Friday, amid fears that President Joe Biden's tax plan on profits will undermine investments in digital assets. News reports on Thursday indicated that the Biden administration plans to propose a range of changes to U.S. tax law, including a plan to nearly double capital gains taxes to 39.6% for those earning more than one million dollars. Bitcoin, the largest and most popular cryptocurrency, dropped to $47,555, falling below the $50,000 level for the first time since early March. In recent trading, it was down 4% to $49,667. Smaller rival currencies Ethereum and XRP fell by 3.5% and 6.7% respectively, while Dogecoin, which was created as a joke and surged about 8000% this year before this latest decline, dropped 20% to $0.21, according to CoinGecko, which specializes in tracking prices and data.
Bitcoin Falls Below $50,000
Share
