In this week’s recap, U.S. stocks took a dive on Thursday, following reports President Biden planned to nearly double the capital gains tax & planned to raise income taxes on the wealthy, proposals some analysts are saying will be hard to pass in Congress, but investors took profits, ahead of big tech’s earnings next week. For the week: Dow -0.46%; S&P 500 -0.18%, NASDAQ -0.25%.
Bitcoin & other digital coins plunged Friday, wiping over $200B of the value in the cryptocurrency market as a proposed capital gains tax hike from U.S. President Biden led to a wave of selling. The same week of the new record in liquidations, resulting in over 1 million positions on Sunday. Bitcoin fell over -8% to below $50K, for 1st time since March to a low of $47,525. Bitcoin has been lower 7 of the last 8 market sessions for a loss of over 20%, but is still up +69.4% in 2021 & +552% y/y, with a market cap of $917.2B. The U.S. government is becoming increasingly concerned over the rising price of Bitcoin & its increasing use. The CEO of Kraken, a top crypto exchange, is warning that a government crackdown is coming. Sources close to the Biden administration have revealed that a new crypto regulatory framework is being developed, but an outright ban remains a viable possibility.
Miguel Díaz-Canel, leader of the new generation at the helm of Cuba; Harley-Davidson stocks surge on Q1 results; investor in Singapore accused of raising $740M for false transactions in commodities; Spacex uses a recycled rocket and capsule to carry 4 astronauts into orbit; sales of new U.S. single-family homes increased in March; 52 volcanoes have erupted in the past month; 2nd Earth Solar Flare causes short wave radio blackout in South East Asia.