Bitcoin and other cryptocurrencies posted sharp losses on Friday, on concerns that United States President Joe Biden’s plan to raise capital gains taxes will curb investments in digital assets.News reports on Thursday said the Biden administration is planning a raft of proposed changes to the US tax code, including a plan to nearly double taxes on capital gains to 39.6 percent for people earning more than $1m.Bitcoin, the biggest and most popular cryptocurrency, slumped to $47,555, falling below the $50,000 mark for the first time since early March. It was last down 4 percent at $49,667.
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