Cryptocurrency falls below $50,000 as White House looks to bring levy on investment gains into line with income taxes

Speculators in Bitcoin have been left nursing heavy losses after reports Joe Biden is planning to raise taxes on the wealthiest Americans to tackle inequality and finance trillions of dollars in higher social spending.

The cryptocurrency price fell more than 6% to below $50,000 (£36,000) a bitcoin, hitting the lowest level since early March, as the White House puts the finishing touches on plans to almost double the rate of capital gains tax for rich individuals.

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Source: The Guardian