Bitcoin drops below 50k as US CGT tax plans incite rush to exit

Yesterday the writing was on the wall for Bitcoin. Even as Ethereum charged to new record highs, Bitcoin was unable to make any significant headway. It did not even get close to breaking above 56k, let alone launch an attempt at the more important 58k level. That price point has continued to guard the topside all week, as had been highlighted here since last Monday and even before then, when it was noted as a critical price point. Well, as the dust settled on the prospect of the US capital gains tax doubling it was the catalyst for a deeper decline yesterday evening. Bitcoin dropped below 51k and continued to endorse the outlook that has been highlighting the downside all week. The lead cryptocurrency has fallen even further today, dropping to as low as 48,596 as the prospect of a doubling of the US CGT tax sparks a rush to bank gains. Well, it ever the US administration wanted to find a way to unhinge the crypto market, then they might just have found an effective way to achieve that. Bitcoin is currently trading at 49,390