Following President Joe Biden’s latest budget proposal, which would impose a 30% tax on cryptocurrency miners’ electricity bills, major coins experienced losses on Thursday night.
What Happened: By late afternoon, Bitcoin (CRYPTO: BTC) had swiftly made up some of the lost territory and was trading at around $20,040, down 7.94% over the previous day.
In November 2021, Bitcoin reached a record high of nearly $69,000 before falling sharply and continuing to lose value throughout 2022, peaking at about $16,600 at the beginning of 2023. Yet, a strong rally that began in early February propelled Bitcoin to a price threshold of $25,000 after almost 50% gains in a single year.
Ethereum (CRYPTO: ETH) also underperformed Bitcoin, falling around 7.42% to trade below $1,450. The cost of Dogecoin (CRYPTO: DOGE) was $0.065, a 9% decrease from the previous day.
At the time of writing, the value of the global cryptocurrency market was $929 billion, a decrease of 6.68% from the day before.
U.S. stocks fell on Thursday as investors braced themselves for payroll data on Friday that may have a big market impact and as banking institutions suffered. S&P 500 and Nasdaq Composite losses for the day were 1.85% and 2.05%, respectively.
