Cryptos fall over Biden tax plans - GulfToday

Cryptos fall over Biden tax plans

  • 23 Apr 2021
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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.

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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.

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