Bitcoin is Seeing its Worst Weekly Performance in a Year

Bitcoin is heading, at the end of today, Friday, to record its worst weekly performance in more than a year, after US media reported that President Joe Biden was planning large tax increases that could affect cryptocurrency investors.

Trading data showed that Bitcoin – which reached a record $ 65,000 on April 14 after rising 830% from a year ago – fell below $ 48,000 early Friday.

And if the virtual currency ended the remaining few hours of the day at this level, its weekly losses would be 20%, and this is its biggest weekly loss since the week that ended on March 6, 2020, when it lost 42% due to fears of the Coronavirus outbreak.

The latest Bitcoin slump comes on the heels of media reports since Thursday that Biden is planning to effectively double US taxes on capital gains, making high-income earners who generate $ 1 million or more a year pay nearly 40% compared to the current 20%. .

Capital gains refer to the returns a person gets from selling any product – including a home, boat, or painting art – and in money market terms, they usually refer to money earned from investing or trading in stocks, cryptocurrencies, commodities, bonds, and currencies.