Pythes

The alt world

Bitcoin, Crypto Future, Crypto regulations, Crypto taxes, Ethereum, Next Generation of Finance, U.S.A.

Biden tax fears makes cryptos crash

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Cryptocurrency Ether pulled back sharply from a record high and rival Bitcoin also fell on Friday amid speculation that U.S. President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets.

The drops came after Biden on Thursday unveiled a raft of proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

Biden’s capital gains tax hike plan caused turmoil during New York trading of cryptocurrencies that spilled into the Asian session, but calm is likely to return soon, traders said.

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