A 10% drop in 24 hours coincided with Joe Biden's proposal to increase taxes on cryptocurrencies such as Bitcoin or Ethereum. Bitcoin is down from $ 65 and is now worth $ 000. The cryptocurrency's price was nearly 50% lower than the all-time high set a few weeks ago, and reports that US President Joe Biden plans to Nearly doubling the capital gains tax derived from cryptocurrencies could be partly responsible.
Biden 's idea is to make cryptocurrency ownership less attractive by making it less profitable due to higher taxes. This is perhaps intended to better control its use and ensure that related transactions and investments generate more tax revenue for the US treasury.
Bitcoin's all-time high is broken by Joe Biden
The value of the cryptocurrency Bitcoin peaked at nearly $ 65 on April 000 as the Coinbase trading platform prepared to go public. Its price per coin fell to 13 this morning, according to Coindesk, before starting to rally. Other cryptocurrencies have also lost value today.
Coindesk data says that the price of Ethereum is down 10,5% in the last 24 hours, and it has fared better than other coins, some of which have seen their prices drop by as much as 24% at the time of writing. this article. The Dogecoin coin, whose returns were up 6,000% year-over-year last week, has seen its price per coin drop by roughly 20%.
It may just be a regular decline in the value after many days rising and after hitting all-time highs. But it shows that governments are not ignoring this market. A regularization or taxes could attack the idea of decentralized virtual currencies and cause them to lose value in markets that regulate them.
Source: Tom's Hardware