The price of Bitcoin dropped sharply, even below the $50,000 mark, the first time since March 5 this year. The President of the United States plans to nearly double the capital gains tax rate for the wealthy to 39.6%. Together with the existing investment income surcharge, this means the federal capital gains tax rate for investors.
The highest will reach 43.4%. As soon as the news came out, Bitcoin fell in response, and even fell below the $50,000 mark, and is currently experiencing a difficult rebound.
Bitcoin is the world’s largest cryptocurrency and is known for its dramatic price fluctuations. Bitcoin started this year with a hot start, but so far in April, the performance of the cryptocurrency has been mediocre.
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Data from Nomics shows that the price of Bitcoin has fallen by 17% this week and by nearly 5% in the past 24 hours. Previously, on April 12, the price of the cryptocurrency hit a record high of $63,520. In the past 10 days, its price has fallen by $11,000.
As of press time, data from the coingecko website shows that the price of Bitcoin is US$50,489 and the market value is approximately US$943.577 billion. In the past 24 hours, the highest price of Bitcoin was $55,474 and the lowest was $49,320.
