A proposal presented by US President Joe Biden to raise tax on capital led to a wave of selling shares and securities and declining in the decrypted currencies such as Bitcoin and others.
The Bitcoin down by 7.3% to reach $49.730 thousand.
It is the first time to exchange Bitcoin in less than $ 50 thousand since the first of March.
According to US CNBC, more than $ 200 billion disappeared from the market of the decrypted currencies within one day only.
Other decrypted currencies drifted down at different rates.
Ether currency decreased by 8% to be exchanged for $2320.
Also, XRP which depicted as the fifth decrypted currency, slid down by 16% of its previous value in the market.
It is expected that President Biden is going to raise the tax on the capital of the richest people in the United States of America (USA) by 43.4% within the long-range.
The new tax will be introduced to revenues of the assets kept in taxable accounts and those assets that sold after one year of purchasing.
The newly proposed tax pushes men with means to sell shares and securities intensively.
The three leading financial indices in the USA ended red on Saturday.
Analysts said that there are deep fears of the new capital tax as investors in decrypted currencies scar that tax may erode their gains after a year when the Bitcoin gained rocketed profits.
It is worth noting that prices of the main decrypted currency rose by six folds in 2020.
In 2021 only, the price of Bitcoin rose 66% and Ether, the digital symbol of Etherum blockchain, by 200% this year.
Part of this support is due to the increased purchase of Bitcoin by institutional investors.
Companies like Tesla and Square have bought Bitcoin worth billions of dollars, and banks are also trying to allow their customers to participate in the Bitcoin market.
Around the world, authorities are looking into how to regulate Bitcoin, and the Deputy Governor of the People's Bank of China called Bitcoin an "investment alternative".
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