Bitcoin plunges below USD50K as Biden plans to raise capital gains tax
Cryptocurrencies took a toll as US President Joe Biden plans to double capital gains tax. The proposal resulted in various cryptocurrencies tanking by over 10%. Bitcoin, the world's most popular crypto, fell below the mark of USD50K, hitting a 24-hour low of USD47,500. The digital currency based on blockchain technology was trading at USD49,550 at press time. Ethereum, on the other hand, was down 11.94% to USD2,256.