Bitcoin Plummets Below $50,000, Extending Losses Following Biden’s New Tax Proposal

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Bitcoin, since surging to new all-time high earlier this month, has continued to face a string of bad news. Earlier last week, Bitcoin prices tumbled due to Xianjiang crypto miners shutting down due to power outages — causing a record $10 billion in futures liquidations. Now, fears over President Biden’s proposed capital gains tax hike and potential crypto regulations are sending Bitcoin even lower. Bitcoin fell as far as $47,700 or 11% intraday, while other major cryptocurrencies Ethereum (ETH) and Binance Coin (BNB) suffered similar losses. The NASDAQ index saw a much more modest loss of -0.94%. Bitcoin (BTC/USD) fell into a short-term downtrend, dropping approximately 18% in a single week. Source: Tradingview.com According to figures from ByBit, the crypto futures market saw $3.95 billion in liquidations in the past 24 hours. Bitcoin’s total market capitalization also dipped below $1 trillion — shedding $300 billion in a matter of hours.…

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