Ususlan President Biden Makes Bitcoin Cs Price Drop

Bitcoin price is falling (Pierre Borthiry-Unsplash)

JAKARTA - The price of crypto money has decreased quite alarmingly in the last few days. In this case the prices of Bitcoin and Ethereum have decreased quite drastically.

Launching Reuters on Friday, April 23, the decline was triggered by the President of the United States (US), Joe Biden's proposal to double taxes or capital gains to 39.6 percent. The tax policy will be imposed on individuals who have an income of more than 1 million US dollars.

Crypto money investors are worried about losing money due to the policy. Traders and a number of cryptocurrency market analysts revealed that the decline in prices was a result of the large amount of cryptocurrency received and turned into a legal asset.

"The decline is likely to come amid increasing acceptance of retail and institutional investors towards digital currencies as a legitimate asset class."

On the other hand, the competition between Bitcoin and Ethereum is also getting fierce. According to the Head of Research at Pepperstone Markets Ltd, Chris Weston revealed that Ether is already superior to Bitcoin.

"Ether has been the creator of the movement, it's outperforming Bitcoin massively," Weston said.

However, until now Weston has not disclosed more details regarding this statement. Neither did he elaborate on what kind of move Ethereum was generating.

The price of ether itself has decreased more than 10 percent to a price of 2,140 US dollars. In fact, on the previous day, Ethereum had increased to reach a price of 2,645 US dollars.

Apart from Ethereum, Bitcoin has also experienced a decline. The price of bitcoin fell to 49,824 US dollars, a few hours later it fell again to touch 48,928 US dollars. Other cryptocurrencies have also experienced a significant decline such as Ripple, Cardano and Dogecoin among others.