© Reuters. A representation of virtual currency Bitcoin is seen in front of a stock graph
(Reuters) -Bitcoin dropped 1.77% to $50,269.9 on Saturday, losing $906.75 from its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down 22.5% from the year’s high of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, dropped/dipped 4.91 % to $2,253.41 on Saturday, losing $116.36 from its previous close.
Bitcoin and other cryptocurrencies suffered hefty losses on Friday amid fears that U.S. President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets.
But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary.
There has been growing retail and institutional investor acceptance of digital currencies as a legitimate asset class. That has coincided with a surge in online trading in stocks and crypto by retail investors, stuck at home with extra cash because of the COVID-19 pandemic.
Bitcoin falls 1.8% to $50,270
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.