Over $200 billion wiped off cryptocurrency market during a day as bitcoin plunges below $50,000
LONDON/GUANGZHOU, China — Bitcoin and other digital currencies plunged on Friday as a proposed capital gains tax-increase from U.S. President Joe Biden led to a wave of selling.
Bitcoin was down 7.3% at $49,730, consistent with Coin Metrics data. It’s the primary time bitcoin has traded below $50,000 since early March. Ether fell to $2,320, down 8%. XRP, the fifth-biggest cryptocurrency, plunged 16%.