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Biden’s tax plan prompts crypto sell-off, forcing bitcoin below $50k support line

The $50,000 mark is viewed as a key support threshold for bitcoin reaching higher prices

By

Emily Nicolle

The sell-off occurred following reports of US President Joe Biden's comments around the launch of capital gains tax reform that would affect the country's ultra-wealthy
The sell-off occurred following reports of US President Joe Biden's comments around the launch of capital gains tax reform that would affect the country's ultra-wealthy Photo: Getty Images

Cryptocurrency prices have fallen across the board, ending a recent rally for ether and pushing bitcoin below the $50,000 mark.

Bitcoin has fallen more than 10.4% in the last 24 hours to $48,770, while ether dropped 11.6% to $2,194 and XRP more than 20% to $1.04. Prices are as of 8am BST on 23 April, according to data from Luxembourg-based exchange Bitstamp.

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