Bitcoin slides below $50,000 with $260 billion wiped off the crypto market as Biden's tax proposals crush risk appetite
Bitcoinmarked its seventh loss in the last eight days by sliding below $50,000 on Friday.
- Other digital currencies declined after
Bidenwas said to be eyeing a hike in tax rates on the rich.
- That drop led to $260 billion being wiped off the cryptocurrency market cap.
Bitcoin slid below $50,000 on Friday, extending losses for a seventh day in a row, while simultaneous drops in other digital currencies erased $260 billion off the total value of the cryptocurrency market.
The Internal Revenue Service has been executing tax collection on crypto gains. Crypto is taxed as property, not currency. The agency began requiring crypto investors to disclose transactions on their 2019 tax returns, asking whether they "received, sold, sent, exchanged or otherwise acquired any financial interest in any digital currency.""It is clear that bitcoin is more sensitive to capital gains tax threats than most 'asset' classes," Jeffrey Halley, a senior market analyst at OANDA, said. "The threat of regulation, either directly in developed
JPMorgan warned this week there could be further downside for bitcoin if it fails to climb back above the $60,000-level. Guggenheim's Scott Minerd also recently said bitcoin could pull back to $20,000 or $30,000 after rising much too fast in a short period of time.
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