Bitcoin and other digital coins plunged on Friday, wiping over $200 billion of the value of the cryptocurrency market.
- Bitcoin and other digital coins plunged on Friday, wiping over $200 billion of the value of the cryptocurrency market.
- President Biden is expected to raise long-term capital gains tax for the wealthiest Americans to 43.4%, including a surtax.
- That’s led to a wave of selling in crypto markets, which have had a great year with bitcoin climbing more than sixfold in the last 12 months.
LONDON/GUANGZHOU, China — Bitcoin and other digital currencies plunged on Friday as a proposed capital gains tax hike from U.S. President Joe Biden led to a wave of selling.
At as midday EST, bitcoin was down 7.3% at $49,730, according to Coin Metrics data. It’s the first time bitcoin has traded below $50,000 since early March. Ether fell to $2,320, down 8%. XRP, the fifth-biggest cryptocurrency, plunged 16%.
This wiped out more than $200 billion of value from the entire cryptocurrency market, according to data from CoinMarketCap.