Crypto markets pulled back sharply after reports US president Joe Biden is planning to raise capital gains tax for the wealthy.
Bloomberg reported on Thursday that Biden is considering nearly doubling tax to as high as 39.6%, an increase from the current 20%. Cryptocurrency investors face higher taxes if Biden presses ahead.
Bitcoin (BTC-USD) crashed 10% to $49,332 (£68,482) on Friday morning in London, Ethereum (ETH-USD) slumped 11% to $2,227 after hitting record highs of £2,613 on Thursday.
Dogecoin’s (DOGE) price continues its downward spiral after a few days of gains, slumping as much as 28%, it is currently trading 26% lower. XRP plummeted 20%.
Meanwhile, Coinbase (COIN) struggled to stage a rebound in New York overnight, pushing 6% lower for the fourth consecutive day.
The sell-off comes after the Deutsche Boerse (DB1.DE) said that it would delist the crypto exchange platform from the Xetra trading system and…
