Bitcoin went below the $50.000 mark, today, Friday April 23rd. It is recalled that the cryptocurrency started falling last weekend.


Today, however, a wider sell-off is hitting the cryptocurrency market following news that the US president is considering raising capital gains tax.


In particular, the tax will increase to 39.6% for those with an income of more than $1 million, compared to the current 20%.


Combined with an existing tax on investment income, this means that the tax on investors can be as high as 43.4%. Biden is expected to present the proposal next week.


The tax could affect cryptocurrency investors who are subject to capital gains tax, if they have held digital currencies for more than 12 months.


The world’s largest cryptocurrency is at $48.300, down by 8%, according to Coindesk. Ethereum is down by 7% at $2.180, while XRP is down by 13% to $1.03.