President Biden has proposed a plan to increase the capital gains tax rate to 44.6% ¹. The plan aims to increase taxes for people earning more than $1 million a year ². The effects of the plan on the cryptocurrency market are expected to be temporary, and the plan may not pass in Congress ³. The effects of the plan on the cryptocurrency market are as follows ²:
- Cryptocurrency Ether pulled back sharply from a record high and rival Bitcoin also fell on Friday amid speculation that United States President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets.
- Ether plunged more than 10 percent to as low as $2,140, a day after climbing to a record $2,645.97. It last traded down 6.5 percent at $2,243.95.
- Bitcoin also weakened, falling 3.62 percent to $49,824.97, its seventh day of losses in the last eight.
Disclaimer
please don't consider this a financial advise. Always do your own research .
