Major digital currencies posted sharp losses after the news reports said that President Joe Biden was planning to double taxes on capital gains to 39.6% on an annual earning of $1 mn years, Bitcoin slipped to $47,555, falling below the $50k mark for the first time since March. Ether and XRP fell 3.5% and 6.7%, respectively, while dogecoin was down 20% at $0.21. The tax plans also jolted share markets, as investors booked profits and other risk assets.

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