The crypto market has been in the red lately and is getting worse with the price of Bitcoin (BTC) continuing to plummet from $ 65,000 to below $ 50,000.
BTC recently traded at $ 49,292, the lowest record since March.
News from the President of the United States (US), Joe Biden suggested that the capital gains tax rate on wealthy individuals unexpectedly also had a negative impact on the crypto market today.
Coupled with FUD sentiment (fear, uncertainty, doubt) following rumors of a decline in the Bitcoin hashrate due to incidents in China including rumors linking potential supervision and taxation to the cryptocurrency.
For now, when the BTC price is at its lowest level, investors take the opportunity to add more savings to the asset.
The focus is now on Bitcoin, whether it can break the $ 50,000 level or not. If it fails, the crypto market is in critical condition.
At the time of writing, within 24 hours each cryptocurrency is traded on:
Bitcoin: $ 50,210 (down over 7%)
Ethereum: $ 2,254 (down almost 6%)
Litecoin (LTC): $ 232 (down over 10%)
XRP: $ 1.04 (down over 18%)
