Before the weekend, the value of Bitcoin dropped sharply and the cryptocurrency is now priced below $50,000. At one time the value was below $49,000, and at the time of writing this news is around $49,500.
The latest decline in the value of Bitcoin followed the announcement that US President Joe Biden (Joe Biden) will increase taxes for the rich for capital gains up to 100 percent.
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In the previous period, Bitcoin worth $500 million was liquidated at one point, after the price of the popular cryptocurrency fell. In total, over 1.6 billion dollars worth of cryptocurrencies were liquidated. The value of Bitcoin was the highest on April 13, when it amounted to almost $65,000.
Other cryptocurrencies also saw a decline in value. The value of Ethereum, according to Coindescu, fell by 10.5% in the last 24 hours, while some other currencies had a decline of up to 24 percent.
The cryptocurrency market is known for its instability, so other turbulences are sure to await us in the coming period. Efforts to make money from cryptocurrency mining will continue despite this decline.
