Crypto Market Bleeds as President Biden Proposes Increase Tax Rate

Crypto Market Bleeds
  • The crypto market bled as the US President Joe Biden proposes to increase the tax rate.
  • Top crypto suffered more than -10% market decline.

The crypto market once again is now experiencing a massive market bloodbath. Specifically, the market decline begins after the statement of US President Joe Biden regarding tax rates. As per Biden, he will propose a capital gains tax rate for wealthy individuals to almost 40%. Indeed, this caused panic that shook the world economy, including the crypt market. This made crypto enthusiast Anand Chennai2London react:

Recently, the market capitalization of the whole crypto market in CoinGecko suffered a decline rate of almost -11%. For this reason, top cryptocurrencies like Bitcoin, Ethereum, Binance Coin, and Polkadot suffered a 24-hour price fall to over -10%. Of course, this is an event that does not favor most global investors.

However, some traders and investors see this market dip as an opportunity to gain profit. To be specific, these people are practicing the buy low and sell high style, a strategy that has been proven profitable by many.

Moreover, this is not the first time the crypto market experienced a huge market dip. In fact, the crypto market is prone to high volatility, which is not new in the crypto community. In this event, traders and investors are advised to do their own research prior to investing in cryptocurrency to avoid losses that cannot be recovered.

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CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.