Greed

Biden

Bitcoin

Joe Biden

The global digital assets market plunged by more than 4% over the last day as Bitcoin failed to keep up the bullish momentum. The <a href="https://news.todayq.com/bitcoin-fear-and-greed-index-hits-extreme-amid-looming-inflation/" rel="noopener noreferrer nofollow">Fear and Greed index</a> which was flashing a “Greed” signal the other day is now depicting the “Neutral” stance of the market with 60 points. This suggests that investors have turned cautious since Bitcoin halved. Crypto market plunges 
The cumulative crypto market cap stood at $2.37 trillion with a surge of 13% in its 24 hour trading volume which stands at around $83 billion.
The recent decline in the market came in as US President Joe Biden proposed an increase in capital gains tax rates to 44.6%. It is the highest since 1922. Currently, the highest long-term capital gains tax rate is 20%. He has also proposed a 25% tax on unrealized capital gains for wealthy individuals.
It is important to see the suggested tax rate as well as an additional proposal to impose a 25% tax on unrealized gains.
Data shows that a huge amount of liquidation has been recorded as the market decline continues. As per the data shared by Coinglass, more than 91K traders were liquidated in the last 24 hours. However, the total liquidations recorded by the trackers stand at around $209 million. The single largest order took place on the crypto exchange OKX of ETH-USD-SWAP valued at $5.66 million.
It is important to note that the majority of the liquidations turned out to be long positions. Data shows that 84% (approx worth $176 million) of the total liquidations were long bets. This suggests that the investors were hoping for a market surge or reversal after the recent dip. BTC drops below $64K 
The crypto industry is in shock as Bitcoin price hasn’t surged in a way they expected it to be after a successful halving event. BTC price dropped by over 4% in the last 24 hours. The original crypto is trading at an average price of $63,861, at the press time. It is down by over 13% from its all time high (ATH) of $73,750 recorded on March 14, 2024. However, Its 24 hour trading volume is up by 28% to stand at $31 billion.
Bitcoin’s recent drop has added to its ongoing price decline. BTC is down by over 10% in the last 30 days. Its market cap has shrunken to stand at $1.2 trillion.

This might be the reason why crypto market is down

Todayq News

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