Cryptos fall over Biden tax plans
- Last updated: April 23, 2021 | 15:31
Gulf Today Report
Cryptocurrencies dropped on Friday on fears concern Joe Biden’s plan to raise capital gains taxes capping investment in digital assets.
Bitcoin dropped by 7% to $48,176 in a third straight session of losses while others such as Ether and XPR suffered double-digit tumbles.
READ MORE
Gold sets for gain on weak US Treasury yields, dollar
Oil prices rise on demand recovery hope
Highest sustainability honour awarded to Expo 2020's eight infrastructure projects
In a note addressing clients, Jim Reid of Deutsche Bank said, "the cryptocurrency came under fresh pressure on the Biden tax headlines."
Bitcoin, the world's biggest cryptocurrency, is on track for a 15% loss on the week. However, the latest tumbles come in the wake of a sharp rally with Bitcoin still up 65% since the start of the year.