Bitcoin wobbles on talk of Biden plan to increase capital gains tax

White House proposes hiking capital gains tax to almost 40% for those earning more than $1m a year

Bitcoin headed for its worst week in almost two months, as a proposed capital gains tax increase for wealthy Americans intensified the volatility whiplashing the world’s largest cryptocurrency.

A fresh bout of selling drove Bitcoin down as much as 7.9% to $47,525 — below its 100-day moving average — as it continued to take out key technical levels. Wall Street analysts have warned of further losses for the notoriously volatile currency that hit a record high of $64,870 on April 14, ahead of rival Coinbase’s stock market listing.