In what has been described as a shocking week, accrued crypto market value according to reports has declined by billions of dollars after Bitcoin, the premier cryptocurrency suffered a major loss, steeping below the $50k mark for the first time since March 2021.
Surprisingly, the market is recovering with BTC presently trading at $50,627 (at the time of publication), a 3.7% slip after hitting $52,557 a couple of hours earlier.
Financial analysts and experts all point at President Biden's new capital gains tax law as the primary mover for this dip. Speaking to reporters, Constantine Kogan, an investor at Wave Financial revealed that he firmly believes Biden's tax law had something to do with this recent drop in price.
Besides Bitcoin’s price fall, altcoins like Ethereum, BNB, ADA, XRP, and DOGE were not left out. In a bid to release some of the biggest crypto asset gainers to evade higher tax, most investors may have unloaded these digital assets, resulting in a massive fall in price across the market.
According to a report from CoinGecko, the crypto market which stood at $2 trillion at the start of the market day is currently at $1.9 trillion (at the time of publication).