Bitcoin latest price: On April 14, Bitcoin hit an all-time high of $ 64,829. Since then, there has been a continuous decline in it.
This cryptocurrency reached below 50 thousand dollars.
Is the Bitcoin bubble bursting now? This question is because in the last two weeks, its price has come down drastically by $ 15,000. According to information available on Coindesk’s website, at 5 pm, this cryptocurrency was trading at a level of $ 49887, down 9.47 percent. Due to the fall, its market cap has come down to $ 932 billion.
On April 14, bitcoin hit an all-time high of $ 64,829. Since then, there has been a continuous decline in it. The highest level for the last 24 hours has been $ 55471 and the lowest level has been $ 47467. In this way, its rate has dropped by about $ 8000 within a day. However, on a YTD (year to date) basis, it has given a return of 68 per cent.
Is there a reason behind the Biden administration’s tax proposal
The latest fall in bitcoin is believed to be the proposal of the American Joe Biden government, in which he is preparing to impose additional tax on the rich American. According to a report by the news agency Reuters, the Biden administration has proposed to double the tax rate on the capital gains. If implemented, the capital gains tax in the US will increase to 39.60 per cent. It is believed that this tax will be imposed on those who earn more than 1 million dollars.
And fall forecast
After the news came out, the price of all cryptocurrencies is seen to fall. Bitcoin has come down to 50 thousand dollars for the first time since March. Other cryptocurrency Ether XRP has also fallen by up to 7 percent. Analyst of Wall Street says that in the coming time this cryptocurrency will decline further.
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