Biden and Turkey crash bitcoin rate

Bitcoin fell on Thursday along with the US stock market amid news that US President Joe Biden is preparing to increase the tax burden on wealthy citizens.

According to media reports, Biden is preparing to raise the capital gains tax for the rich up to 43.4%. Those who earn $ 1 million or more will have to pay 39.6%. Now this value is 20%, writes ttrcoin.

Biden’s proposal essentially doubles the capital gains tax. This is a tangible increase in costs for long-term investors, ”said Jack Ablin, Founding Partner and Investment Director of Cresset Capital Management.

Turkish crypto exchange Thodex unexpectedly stopped trading on April 20, while 391 thousand active clients lost access to their wallets. Users were also concerned about the closure of Twitter and Instagram accounts by the head of the exchange.

Initially, the platform announced a six-hour technical work, but on April 21, it published a new announcement that in order to attract external investment, it will need to stop trading for 4-5 business days. This is supposedly necessary to transfer a stake in the company to a new partner, and the investment will help improve customer service.

Police raided Thodex headquarters and an investigation was launched against the company. This could very well turn out to be a scam, experts say.

Since March 15, for a month, the exchange has been campaigning to reward new customers with 150 Dogecoin. This reportedly attracted thousands of users, which helped set a new record for trading volumes.

Last week, the Central Bank of Turkey announced a ban on cryptocurrencies as a means of payment. The ban will take effect on April 30 and will force payment services to stop working with cryptocurrency exchanges. In March, against the backdrop of a protracted devaluation of the lira, bitcoin on the local p2p market exceeded $ 100,000.

Guggenheim Partners investment director Scott Minerd in an interview with CNBC warned about the possibility of a “serious correction” of BTC by about 50%, in the range of $ 20,000 – $ 30,000.

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