Why cryptocurrencies Bitcoin, Dogecoin and Ether are selling off

Why cryptocurrencies Bitcoin, Dogecoin and Ether are selling off

USA TODAYWhy cryptocurrencies Bitcoin, Dogecoin and Ether are selling offJessica Menton, USA TODAYApril 23, 2021, 6:17 AM·4 min readCryptocurrencies like Bitcoin, Ether and Dogecoin took a beating Friday, extending a recent run of wild swings as President Joe Biden is expected to unveil a plan to raise taxes on the wealthiest Americans that would nearly double levies on investment gains.The losses erased more than $200 billion of value from the cryptocurrency market, according to CNBC, citing data from CoinMarketCap.Given bitcoin's meteoric rise in recent years, it could push some investors to sell their positions in an effort to secure their profits at the current capital-gains tax rate.Bitcoin, the world's most popular digital coin, slumped 10% to below $50,000, just over a week after it eclipsed $64,000 for the first time. The latest losses pushed bitcoin into a correction, shedding more than 20% from a recent peak of $64,829.Should you buy Dogecoin?: It lacks 'substantive differentiation': These 3 stocks are much smarter buysDigital payments: Venmo launching crypto feature to buy and sell Bitcoin, other digital currencyTo be sure, the crypto market is volatile and a drop of more than 10% isn't unusual in bitcoin. Friday's gyrations continued a recent volatile streak