This is why BTC price fell below $50,000
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Answer This is why BTC price fell below $50,000
Bitcoin price dropped to $48,000.
This is the first time that Bitcoin has dropped below $50,000 since March 7, 2021.
According to CoinGecko, Bitcoin is down nearly 10% in the past 24 hours, and by 23% in the past seven days.
Other cryptocurrencies are worse off.
XRP is down 19.6% in the last 24 hours and 41% in the last week.
The currency of UNI, after its remarkable rise recently, which coincided with the emergence of news about the launch of the Uniswap platform update towards the third version, fell by 17% to $31.31.
Charles Storey, Head of Growth and Development, DeFi Phuture, said: to source:
Read:Bitcoin price drops below $37,000 after the dollar index rose to its highest level in decades
“There is a lot of new capital entering the market, some investors are still on edge and unverified negative news could cause a lot of damage in the short term. This is what we see.
The bitcoin price drop today is nearly 33% off its all-time high of $64,445, which the coin reached on April 14, according to CoinGecko.
Reasons for bitcoin’s decline:
One of the reasons why the price of Bitcoin is falling is the growing fears surrounding raise capital gains tax in the United States.
Under US tax law, the sale of cryptocurrency is a taxable event, and US taxpayers must pay tax on any winnings.
In the sense that taxes affect the owners of short-term positions, and day traders more.
Although the crash wiped out $170 billion in total cryptocurrency market value, some believe Biden’s tax proposals could benefit Bitcoin in the long run.
Anthony Trenchev, co-founder and managing partner of Nexo, told Nexo:
President Biden can provide a service to the crypto market with the order of controlling and legalizing the market instead of the current uncertainty.
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He added:
The best option for bitcoin customers looking to manage their finances is to borrow for things you own or things you plan to buy and to avoid capital gains taxes.
Read also:
Weiss Report: There won’t be an Ethereum Killer any time soon
Ripple Co-Founder: Bitcoin Must Switch to Proof of Stake to Stay ahead
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