Bitcoin suffers hefty loss, falls below $50K after Biden’s tax plans

The tax plans jolted markets, prompting investors to book profits in stocks and other risk assets, which have rallied massively on hopes of a solid economic recovery.

Bitcoin is on track for a 15 per cent loss on the week, though it is still up 65 per cent since the start of the year.

“I don’t think Biden’s taxes plans will have a big impact on bitcoin,” said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper.

The listing had driven bitcoin prices to $65,000, before pulling back 25 per cent in the following days.

…Read the full story