LONDON - Bitcoin and other cryptocurrencies suffered hefty losses on Friday amid fears that US President Joe Biden's plan to raise capital gains taxes will curb investment in digital assets.
Bitcoin slumped 7 percent to $48,176 in a third straight session of losses while Ether and XPR suffered double digit tumbles.
"The crypto currency came under fresh pressure on the Biden tax headlines," Deutsche Bank's Jim Reid wrote in a note to clients.
Bitcoin, the world's biggest cryptocurrency, is on track for a 15 percent loss on the week. However, the latest tumbles come in the wake of a sharp rally with Bitcoin still up 65 percent since the start of the year.