Bitcoin Sinks as US Capital Gains Tax Proposal Injects Fear
Bitcoin Sinks as US Capital Gains Tax Proposal Injects Fear Into Crypto Market
Bitcoin
is pushing lower as tax-related fears weigh on the cryptocurrency, with
BTC on track to record its worst week since early February. The move
lower was sparked by reports that President Joe Biden is set to announce
a raise on the capital gains tax rate for wealthy investors. Given
BTC/USDs massive rise through recent years, traders are likely anxious
to sell now and secure their profits at the current capital gains
rate.To get more news about WikiFX, you can visit wikifx.com official website.
The
high-flying assets decline was joined with a drop on Wall Street
Thursday – likely owing to the same catalyst. That said, the price drop
may further spill into the broader market and punish overall sentiment.
The most susceptible among those assets likely being other high-beta
stocks and currencies, especially risk-sensitive ones such as the
Australian Dollar and New Zealand Dollars.
Bitcoins
psychologically important 50,000 level may be key to near-term price
direction. A decisive breach lower would likely open the door for
further selling. On the other hand, if bulls manage to defend the level
overnight, it may inspire confidence in the longer-term bull narrative
and help price recovery. The Relative Strength Index (RSI) is nearly in
oversold territory, while MACD continues to weaken.
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