Bitcoin falls to $48.886 after Biden's plan to raise capital gains taxes
- Bitcoin and other cryptocurrencies were suffering heavy losses on Friday amid concerns over U.S. President Joe Biden's plan to raise capital gains taxes, which could dent investments in digital assets.
The settlement follows reports that the Biden Administration plans to introduce a series of changes to the U.S. tax system, including a scheme to nearly double taxes on capital returns to 39.6% for individuals earning more than $1 million.
Bitcoin, the largest and most popular cryptocurrency, was sinking 5 percent to $48.8867, dipping below the $50,000 mark for the first time since early March, while ether and XRP were falling about 7 percent.
Bitcoin is on track to give up 15% on the week, although it still sits 65% above the start of the year. Ether came in down more than 10% on the day at a low of $2,107, a day after touching a record high of $2,645.97
changing the subject
Massive fraud in Turkey
- In addition, a massive fraud in Turkey may cause 390,000 cryptocurrency investors to lose their savings.
The central bank of the same country has banned their use to buy and India has gone further by proposing a total ban and sanctions for those who hold these digital assets.
That perfect storm has plunged the bitcoin price to around $50,000 from highs of $64,870, stringing together seven days of declines in the last eight sessions, its worst week in two months.
IMPACT
Shutdown traps hundreds of thousands of users
The closure has meant that 391,000 users have seen their funds trapped or, at worst, evaporated. "Hundreds of thousands of users cannot access their portfolios. The situation will get worse if no action is taken," Oguz Evren, a lawyer defending users, told AFP.
The order comes after police launched an operation in eight provinces as part of the investigation into the alleged fraud, which has resulted in more than 60 arrests and the seizure of documents and material. The stock exchange authorities are investigating the founder for "aggravated fraud and criminal organization".
crazy all the new developments that have taken place in such a short period of time.
