Bitcoin drops below $50,000 as Biden eyes capital gains tax hike

Bitcoin investors are nursing their losses amid reports that President Biden is planning to raise capital gains taxes on the richest Americans.

The volatile cryptocurrency’s price plunged nearly 10 percent on Friday to just above the $49,000 mark, hitting its lowest level since early March as the White House reportedly buffs a proposal to nearly double the taxes wealthy people pay on investments. Bitcoin recently changed hands at $49,072.72, according to Coinbase — off 9.9 percent from a day earlier and shrinking its total market capitalization to $917.1 billion — well below the $1 trillion mark it had first crossed in February.