Cryptocurrencies Drop In Response To Biden's Tax Plans

April 23, 2021, 6:29:43 PM

Cryptocurrencies Drop In Response To Biden's Tax Plans

Bitcoin and other cryptocurrencies posted sharp losses on Friday concern that U.S. President Joe Biden's plan to increase capital gains taxes will hinder investments in digital assets.

News published on Thursday reported that the Biden administration is planning a number of proposed changes to the US tax law, including a plan to nearly double capital gains taxes to 39.6% for people earning more than $ 1 million. 

Bitcoin, the largest and most popular cryptocurrency, fell below the $ 50,000 mark to $ 47,555 for the first time since the beginning of March. It most recently fell 4% to $ 49,667. 

Created as a joke for early crypto adopters, dogecoin, which rose by nearly 8,000% this year before this recent decline, dropped to $ 0.21, down 20% compared to the price and data tracker CoinGecko .

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