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Bitcoin falls 1.8% to $ 50,270

Apr 24 (Reuters) – Bitcoin fell 1.77% to $ 50,269.9 on Saturday, shedding $ 906.75 from its previous close.

Bitcoin, the world’s largest and most well-known cryptocurrency, is down 22.5% from a year’s high of $ 64,895.22, which it hit on April 14.

Ether, the currency linked to the ethereum digital platform that uses blockchain technology, fell 4.91% to $ 2,253.41 on Saturday, losing $ 116.36 since its previous close.

Bitcoin and other cryptocurrencies suffered heavy losses on Friday amid fears that US President Joe Biden’s plan to raise taxes on capital gains will curb investment in digital assets.

But some traders and analysts said the drops are likely to be temporary.

There has been a growing acceptance by retail and institutional investors of digital currencies as a legitimate asset class.

That coincides with an increase in online trading of stocks and cryptocurrencies by retail investors, trapped at home with extra cash due to the COVID-19 pandemic.

(Report by Juby Babu in Bengaluru; Edited in Spanish by Janisse Huambachano)

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