Bitcoin falls below $50,000 amid tax-proposal anxiety
Premium- US investors in the digital asset, which has advanced about 75% year to date, already face a capital-gains tax if they sell the cryptocurrency after holding it for more than a year.
Bitcoin has fallen beneath the $50,000, hitting its lowest point in 48 days. The price fell about $4,300 in the last 24 hours. Bitcoin declined for the seventh time in eight days, extending losses as a Bloomberg report suggested that President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy.
The cryptocurrency's price fell from around $54,900 to $51,500 before the markets inflicted another sell-off to $48,300, according to Bitstamp exchange data. Prices are currently hovering around $49,200 representing an 8% drop or loss of about $4,300 over the previous 24-hours, according to CoinDesk’s bitcoin price page.
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As per Bloomberg, US investors in the digital asset, which has advanced about 75% year to date, already face a capital-gains tax if they sell the cryptocurrency after holding it for more than a year. But the coin’s been one of the best-performing assets in recent years -- anyone who bought a year ago is sitting on a 575% gain. For investors who bought in April 2019, that gain equals roughly 800%.
Other cryptocurrencies like XRP (-15.91%) and ether (ETH, -4%) were down 13% and 7% respectively. Almost all of the assets in the CoinDesk 20 – the 20 cryptocurrencies making up the lion’s share of the crypto market at eight significant exchanges – have fallen in price over the last 24 hours.
(With inputs from agencies)
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