Bitcoin and other cryptocurrencies posted sharp losses on Friday, onconcern that U.S. President Joe Biden’s plan to raise capital gains taxes will curb investments in digital assets.
News reports on Thursday said the Biden administration is planning a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million.
Bitcoin, the biggest and most popular cryptocurrency , slumped to $47,555, falling below the $50,000 mark for the first time since early March. It was last down 4% at $49,667. Read more…..
Chart of the Day
Feb.22 — Bill Gates, Microsoft Co-founder and Co-Chair of the Bill and Melinda Gates Foundation, talks about misinformation on social media, Bitcoin “mania” and latest developments in the COVID-19 pandemic. He speaks with Emily Chang on “Bloomberg Technology.”