Cyptos Fall Over Fears Of US Tax Hikes

  Major cryptocurrencies like Bitcoin and the coin of Ethereum have depreciated significantly against the US dollar since the administration of US President Joe Biden warned on Thursday that capital gains taxes could rise. According to cryptocurrency exchange platform Coinbase.com, a single bitcoin was worth $ 52,121.62 on Sunday at 10:20 p.m. - a decrease from Coinbase's $ 55,278.64, which was quoted at 9:30 a.m. EST on Friday. The evening price meant an increase in the Bitcoin value compared to the numbers a few hours earlier. Another major cryptocurrency, Ethereum, hit $ 2,435.33 on Sunday around 10:20 p.m. - a drop of around 1.8 percent from Friday's high, according to Coinbase.com. Ethereum had been turned off by more than 5 percent the Sunday before. According to Reuters, which reported the decline in cryptocurrency values ​​earlier over the weekend, a major reason was fears of the potential that higher US capital gains taxes would scare off investors who might otherwise be buying the currencies. "While social media has been shined with posts about the plan that is damaging cryptocurrencies and individual investors complaining of losses, some traders and analysts have said declines are likely to be temporary," a Reuters article said. "The adoption of digital currencies as a legitimate asset class for retail and institutional investors has increased. This coincided with an increase in online trading in stocks and crypto by retail investors stuck at home with extra cash due to the COVID-19 pandemic. CNBC reported that major cryptocurrencies lost $ 260 billion in value on Friday following the Biden government's capital gains tax proposals. The persistent volatility of the major cryptocurrencies is due to the fact that they have been accepted in the market of a growing number and by an increasing number of companies. At the same time, companies involved in this area are under scrutiny from regulators, including the Federal Securities and Exchange Commission. —————————— NEW PYMNTS STUDY: SUBSCRIPTION TRADING CONVERSION INDEX - APRIL 2021 About the study: A third of consumers who signed up for subscription services in the past year only went for the free trial. In the 2021 Subscription Commerce Conversion Index, PYMNTS surveyed 2,022 US consumers and analyzed more than 200 subscription commerce providers to identify the key characteristics that make subscription “curious” to sticky, long-term subscribers. Source link

https://thedailytradingnews.com/2021/04/26/cyptos-fall-over-fears-of-us-tax-hikes/

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