- 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:
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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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disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
