Bitcoin (BTC) Price Crashes Below $ 50,000: Was Joe Biden the Culprit?

The bitcoin (BTC) price is at its lowest point since the beginning of March after the correction that started last weekend continued last night. Where does this further downward movement come from? For that, we may have to look at the plans of US President Joe Biden.

Yesterday in the late afternoon, bitcoin plunged suddenly through support near $ 54,000 after the price has been trading just above this for a while. News of a new plan from Biden likely continued uncertainty in the market.

Biden wants to significantly increase the capital gains tax. Bloomberg reports show that this could almost be doubled for wealthy individuals to 39.6% and in some cases as much as 43.4%. At the moment this is still 20%; the government of Biden is unfair. This is a lower percentage than what some employees in the United States pay on their income.

Biden reportedly wants to use the money to fund various social development plans. At the moment, this is still information from sources familiar with the proposal. The plan will be announced next week, the sources said. However, the news immediately spread quickly and the American stock markets immediately saw a negative movement.

And therefore also bitcoin and many altcoins. Bitcoin even fell below the psychological mark of $ 50,000, a price point last tapped in early March. Ethereum (ETH) fell to $ 2,000 after tapping $ 2,650 yesterday. Cardano (ADA) fell from a price of $ 1.27 to $ 1. The blows are therefore considerable!

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