LONDON – Bitcoin and different cryptocurrencies suffered hefty losses on Friday amid fears that US President Joe Biden’s plan to boost capital beneficial properties taxes will curb funding in digital belongings.
Bitcoin slumped 7 % to $48,176 in a 3rd straight session of losses whereas Ether and XPR suffered double digit tumbles.
“The crypto forex got here below recent strain on the Biden tax headlines,” Deutsche Financial institution’s Jim Reid wrote in a word to purchasers.
Bitcoin, the world’s greatest cryptocurrency, is on monitor for a 15 % loss on the week. Nonetheless, the newest tumbles come within the wake of a pointy rally with Bitcoin nonetheless up 65 % for the reason that begin of the yr.
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