Following Biden’s New Tax Proposal, Bitcoin Plummets Below $50,000, Extending Losses 

A string of bad news have followed Bitcoin since its surge earlier this month. Also due to Xinajiang crypto miners shutting down as a result of power outage, Bitcoin prices tumbled earlier this week and which a record of $10 billion futures liquidation was caused.

Bitcoin prices are even going lower over the fears of President Biden’s proposed.

With other major cryptocurrencies Ethereum (ETH) and Binance Coin (BNB) suffering similar losses, Bitcoin fell as far as $47, 7001 or 11% intraday. A loss that is considered more modest was seen on NASDAQ index and is at -0.94%.

Bitcoin’s total market capitalization also dipped below $1 trillion — shedding $300 billion in a matter of hours, while crypto futures market saw $3.95 billion in liquidations in the past 24 hours, according to ByBit.

Bitcoin dropping below the $50,000 support level may be a sign that bearish sentiment is setting in — pushing the cryptocurrency into further correction.

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