Biden's capital gains proposal also weighed on the price of Bitcoin (BTC-USD), which fell on Thursday for the sixth time in seven sessions. The slide pushed the crypto down as much as 8% to about $50,500, and it fell to the $48,000 level overnight. U.S. investors already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year, and the fast action in alt-coin names like Dogecoin (DOGE-USD), Litecoin (LTC-USD), ZCash (ZEC-USD) - and plenty of others - is drawing comparisons to the late-2017 blow-off top in all cryptocurrencies.
Stats: Yesterday was the first time since 2018 that Bitcoin accounted for less than 50% of total crypto market cap.
Bitcoin futures volumes have soared in recent months, becoming a crucial part of the market that can intensify price swings in the underlying cryptocurrency itself. The quick drop earlier this week reportedly followed a large liquidation in futures contracts, highlighting some of the biggest growing pains for the crypto market.
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