More than $200 billion has been wiped off the cryptocurrency market as Bitcoin plunged below $50,000 and other digital coins fell over concerns President Biden’s plan to raise capital gains taxes will curb investment in digital assets.
The selloff on Friday came after reports that the Biden administration is planning a raft of proposed changes to the US tax code, including a plan to nearly double taxes on capital gains to 39.6 percent for people earning more than $1 million.
Bitcoin, the biggest and most popular cryptocurrency, slumped 5 percent to $48,8867, falling below the $50,000…
