Bitcoin today fell below $ 50,000, touching at a local low at $ 58,555 on the Binance cryptocurrency exchange.
The rest of the cryptocurrencies are also falling – Ethereum, after hitting an all-time high above $ 2,600 yesterday, is now trading in the $ 2,200 area, while BNB, CoinMarketCap’s third largest coin, has dropped below $ 500 after the recent ATH of $ 638.
Note that the correction followed the news that US President Joe Biden proposed to raise the capital gains tax for the rich by as much as 100% – to 43.4% from the current 20%. Against the backdrop of such news, the US stock market began to decline – cryptocurrencies seem to have correlated with fiat.
In connection with the current fall, about $ 1.6 billion of positions in cryptocurrency futures were liquidated.
In parallel, the dominance of bitcoin fell below 50% for the first time in three years.
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