Bitcoin has dropped below $50,000, reaching its lowest level in 48 days. In the last 24 hours, the price has dropped by around $4,300. Bitcoin fell for the seventh time in eight days, widening losses after a Bloomberg report said President Joe Biden was considering nearly doubling the capital gains tax for the rich.
According to Bitstamp exchange numbers, the cryptocurrency's price dropped from around $54,900 to $51,500 before another sell-off to $48,300.
According to Bloomberg, US investors in the digital asset, which has gained around 75 percent year to date, will be subject to capital gains tax if they sell it after more than a year. However, the coin has been one of the best-performing assets in recent years, with investors who purchased a year ago seeing a 575 percent return. For investors who purchased in April 2019, the return is approximately 800 percent.
Other cryptocurrencies, such as XRP (-15.91 percent) and ether (ETH, -4%), were down 13% and 7%, respectively. Almost every commodity in the CoinDesk 20 – the 20 cryptocurrencies that account for the majority of the crypto market on eight major exchanges – has lost value in the last 24 hours.
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