Bitcoin value just plummeted — what you need to know

Leading cryptocurrency Bitcoin has exploded in value this year, though that volatility goes two ways.

These allegedly include an intention to significantly increase capital gains taxes for people earning more than $1 million, which seemingly sparked a widespread crypto sell-off as wealthy investors looked to rid themselves of risky assets.

It wasn’t just Bitcoin that took a hit, as Ethereum — known in some tech hardware circles for being the target of the ill-fated Nvidia RTX 3060 mining limiter — plummeted too.

At the time of writing, both digital currencies appear on their way back up, with Bitcoin at $49,500 and Ethereum at $2,200, though these drops won’t do much to convince blockchain skeptics that crypto coins can act as reliable everyday currencies rather than investment opportunities.

Biden’s reported capital gains tax increase is unlikely to target digital currencies specifically, though they have has been under particular scrutiny recently, amid concerns of both crypto laundering among U.S.

A new cryptocurrency, Chia, was recently revealed with the specific aim of eating up less power than Bitcoin or Ethereum.

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