This week in crypto: Biden tax plan, crypto adoption, NFT memes, and DOGE
This week in cryptocurrency had a few exciting and newsworthy events. Let’s recap the week and see what were the market drivers and topics everyone was talking about.
At the end of last week, President Biden dropped a bombshell that seemed to rock the crypto prices: Biden will propose a capital gains tax as high as 43.4% for the wealthy.
Since the way that cryptocurrencies like Bitcoin are taxed, when you sell it for USD, it is taxed as capital gains. If the Biden proposal were to be adopted, nearly 50% of any gains you were to receive from the sales would be taxed. This disrupted the market confidence as some whales didn’t want to get taxed so much, so they sold the news.