Bitcoin declined for the seventh time in eight days, extending losses after US President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy.
The slide pushed Bitcoin down as much as 3.6% to about US$49,760 (RM204,588), sending it below the low of US$51,707 (RM212,593) reached Sunday before it bounced back. The coin had tumbled as much as 15% over the weekend in the wake of a false report from an anonymous Twitter account that the US Treasury was cracking down on crypto money laundering.