Fintech

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

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.

WSJ Logo
Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With TrumpExternal link

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump