Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Biden's tax plan upsets Bitcoin, altcoin market

Published 04/23/2021, 05:43 AM
Updated 04/23/2021, 06:00 AM
Biden's tax plan upsets Bitcoin, altcoin market

President Joe Biden’s recent capital gains tax hike may well be the reason for the drop in the price of Bitcoin and altcoins. This hike seems to be giving investors a jittery feel about these virtual assets, thus, causing the price of the premier coin to drop below the $50,000 mark for the first time since March.

BTC Peers. April 23,2021The only logical explanation for this move may be that investors want to offload digital assets (like BTC, BNB, ETH) with the biggest gains which will qualify them for a higher tax rate. Presently, the Internal Revenue Service (IRS) now requires taxpayers to file any transactions relating to digital currencies on their tax documents, thereby resulting in a massive reduction in the assets investors are willing to hold at the moment.

With several tax experts claiming that taxpayers holding crypto assets for over a year bound to pay higher capital gains tax, investors are increasingly offloading cryptocurrencies, Bitcoin, BNB, Ethereum a few of them.

While this move according to various experts and analysts is ephemeral, it is currently upsetting the crypto market with Bitcoin, Ethereum, and Dogecoin down by 10.07%, 10.89%, and 11.65% respectively.

BTC Peers. April 23, 2021.

Continue reading on BTC Peers

Latest comments

Wait putting miney in Butcoin is NOT investing in stocksSo where is the Capital gains tax going to come from?Its not a regulated security
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.