According to the latest report on Bitcoin, the price of Bitcoin dropped sharply and even fell below the $50,000 mark. This is the first time since March 5th that the price of Bitcoin will be dropping so low. The President of the United States plans to nearly double the capital gains tax rate for the wealthy to 39.6%. Together with the existing investment income surcharge, this means the federal capital gains tax rate for investors. The highest will reach 43.4%. As soon as the news hit the public, Bitcoin fell in response.
In fact, falling below the $50,000 mark is a huge surprise but it is also currently experiencing a difficult rebound. Bitcoin is the world’s largest cryptocurrency and is known for its dramatic price fluctuations. Bitcoin has a hot start this year, but so far in April, the cryptocurrency’s performance has been mediocre.
Nomics data shows that the price of Bitcoin has fallen by 17% this week, and has fallen by nearly 5% in the past 24 hours. Previously, on April 12, the price of the cryptocurrency hit a record high of $63,520. In the past 10 days, its price has fallen by $11,000.
As of press time, data from the coingecko shows that the price of Bitcoin is $50,489 and the market value is approximately $943.577 billion. In the past 24 hours, the highest price of Bitcoin was $55,474 and the lowest was $49,320.
As of last week, the nosedive of the price of Bitcoin was a huge scare. Earlier, this crypto money has seen a consistent rise to about $64,000 per coin. Nevertheless, it appears to be so unstable in recent times. The coin took a huge nosedive to $52,000 per coin last week but rose again as of Monday this week to $57,000.
Musk-influenced Dogecoin continues to rise
It’s not all bad news for cryptocurrency miners as some coins are still rising. According to reports, Tesla’s CEO, Elon Musk influenced Dogecoin has risen by about 400% in the past week. After a series of tweets from Musk, Dogecoin began to show its edge and now, we can not underestimate its growth rate. As of now, the total market value of Dogecoin has hit approximately $50 billion. This even exceeds the market value of Ford or Kraft Heinz, and it’s catching up with Twitter.
Considering that the price per coin of this cryptocurrency is still low, this might be a good time for investment. However, we must warn that there is NO certainty with cryptocurrency investments.