Bitcoin prices continued to tumble today after speculation that a plan by US President Joe Biden to raise capital gains taxes will curb investment in digital assets.
Bitcoin has fallen more than four per cent overnight to trade below $50,000. Last week it touched record highs above $64,000.
The cryptocurrency has also been hit by a series of events since late last week, when there was a blackout in Xinjiang in China – the region is reportedly responsible for powering much of the Bitcoin mining.
The fall in Bitcoin prices comes days after cryptocurrency exchange Coinbase was valued at a whopping $99.6bn in its market float.
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