Bitcoin fell 1.77% to $ 50,269.9 on Saturday and lost $ 906.75 from its previous close.
Bitcoin, the world’s largest and best known cryptocurrency, lost 22.5% from its highest level of the year on April 14, at $ 64,895.22 .
Ether, a coin connected to the Ethereum blockchain network, fell 4.91% to $ 2,253.41 on Saturday and lost $ 116.36 from its previous close.
Bitcoin and other cryptocurrencies suffered heavy losses on Friday, fearing that US President Joe Biden’s plan to increase capital gains taxes would restrict investment in digital assets .
But with social media posts about the cryptocurrency-damaging plan, and individual investors complaining of losses, some traders and analysts said the dips would likely be temporary.
Retail and institutional investor acceptance of digital currencies as a legal asset class has long been on the rise. This coincided with retail investors trapped with extra cash at home due to the COVID-19 pandemic, turning to online stock and crypto trading.