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Crypto prices fall because of Biden's tax proposals

Princess Tarfa

Crypto currencies declined on Friday as investors worried regarding Joe Biden's decision to lift taxes on capital gains, restricting investment towards crypto assets.

Bitcoin dropped upto 7% to $48,176 in a third consecutive session of declines, while other crypto currencies such as Ether and XPR dropped by double digits.

In a statement while addressing investors, Jim Reid of Deutsche Bank said, "the crypto currency have faced this fresh pressure on the Biden tax headlines." Bitcoin, which is the world's largest blockchain, is on the pace to lose upto 15% this week. However, the recent drops follow a sharp rebound, with Bitcoin still up for 65 percent since the beginning of the year.

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