According to the latest statistics of the market, Bitcoin has fallen to 50K dollars after Biden started to float, doubling capital gains tax. Earlier, Bloomberg confirmed that the president was mulling a doubling the capital gains tax at the wealthiest Americans to 39.6 percent from the current 20 percent.
This news benefited the major stock market averages down almost one percent, and it is also proving to be appropriate for the Crypto market.
Majorly Bitcoin sunk to 50.4k dollars and now sports the market cap that is gone back under 1T dollars.
Earlier, BTC or Bitcoin was trading at 56k dollars, and last it touched 65k dollars which is nearly the 23 percent tumble over the past few weeks.
Ether is also returned in the market 2400 dollars after hitting an all-time hike of 2650 dollars.
The newly offered Bitcoin fund from one Morgan Stanly has raised almost 29.4 million dollars from 320+ investors 14 days after it began. It is already making the fund among the most popular private investment vehicles for Bitcoin.