The price of bitcoin dropped below $50,000. The world’s most valuable crypto hit as low as $48,500 but has since recovered slightly. The bitcoin price today is currently at just over $49,000.
The price fall comes after several surges which has seen it rise from below $5,000 in March 2020 to an all-time high of $64,486 on 14 April.
Other major cryptocurrencies have also experienced significant losses in recent days, with more than half a trillion dollars wiped from the market according to CoinMarketCap.
Meanwhile for Ethereum (ether), its value increased to a new record high at $2,645.97. It has since plunged to more than 10% to as low as $2,140.
The drop may be unconnected to moves by US President’s proposed changes to the U.S. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million