Bitcoin tumbles after reports Joe Biden will raise taxes on rich

For those earning $1m or more, the tax on investment income would rise to 39.6%, up from a current rate of 20%, as part of plans expected to be announced next week.

Wall Street stocks, shares in technology companies and digital assets such as Bitcoin all retreated after the reports late on Thursday.

Bitcoin had surged to a record high of $64,895 on 14 April, the day of the launch of the US’s largest cryptocurrency exchange, Coinbase, on Wall Street’s tech-heavy Nasdaq stock exchange.

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