Saturday, October 23, 2021
Home Crypto News Market Crypto Market Loses $250 Billion Amid Fear Of Biden Tax Blow

Crypto Market Loses $250 Billion Amid Fear Of Biden Tax Blow

- Advertisement -

According to Coinmarketcap latest data, the crypto market fell by more than $250 billion in the last 24 hours as Bitcoin declined for the seventh time in eight days, extending losses after President Joe Biden proposed doubling the capital gains tax.

Joe Biden administration plans to raise the capital gains tax on citizens whose earnings exceed $1 million. The tax can double to 43.4% above the current rate. The S&P500 closed with a 0.9% decrease after this news. Bitcoin price fell to $ 48,381, a level not seen since the beginning of March.

Bitcoin declined by 5.9% to $48,597, as it continued to lose momentum. JPMorgan Chase & Co. and Tallbacken Capital Advisors LLC not too long ago warned that there’s potential for additional declines after the biggest cryptocurrency fell from an all-time of $64,880 on April 14 and hit key technical levels.

Bitcoin has fallen beneath 50-day moving average, which it thought of much importance throughout this rally, mentioned Pankaj Balani, CEO of Delta Exchange.

There are reports on social media that the plan is hurting cryptocurrencies, and individual traders are complaining about losses, analysts say the decline is probably going to be temporary, because of recognition of digital currencies as a legitimate asset class by retail and institutional investors.

Ethereum has considerably outperformed Bitcoin. ETH fell greater than 10% to $ 2,130 a day after hitting a record high of $2,655.87. It final traded down 6.4% to $ 2,253.86. Bitcoin also weakened, falling 3.72% to $ 49,724.97.

Matt Maley, chief market strategist for Miller Tabak + Co Said:

“One of the biggest things you have to worry about is that the things with the biggest gains are going to be most susceptible to selling. It doesn’t mean people will dump wholesale, dump 100% of their positions, but you have some people who have huge money in this and, therefore, a big jump in the capital gains tax, they’ll be leaving a lot of money on the table.”

- Advertisement -
Mark Brennan
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Transient Raises $1.2 Million in IDO Public Sale to Build the Amazon of Smart Contracts

Tortola, British Virgin Islands, 22nd October, 2021, Transient Network, a Smart Contract Global Marketplace, is thrilled to announce that it has raised $1.2 million...

Binance Smart Chain Is Bringing Fee-Burning Mechanism Like Ethereum

The Binance Smart Chain (BSC) has published a proposal to improve the BEP-95 ecosystem, This new mechanism will be similar to the Ethereum chain...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.