Bitcoin, the biggest and most popular cryptocurrency, slumped to $47,555, falling below the $50,000 mark for the first time since early March.
“With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment,” said Nick Spanos, founder at Bitcoin Center NYC.
“I don’t think Biden’s taxes plans will have a big impact on bitcoin,” said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper.
“Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins,” said Don Guo, chief executive officer at Broctagon Fintech Group.