Bitcoin leads massive cryptocurrency market sell-off – By Russia Today Newsroom (Russia Today) / April 23 2021
The cryptocurrency market fell sharply on Friday amid concerns over new taxes that could be unveiled by US President Joe Biden, and after one of Turkey’s largest crypto exchanges went bust.
The most popular cryptocurrency, bitcoin, fell below its key psychological threshold of $50,000 on Friday morning. As of 07:05 GMT bitcoin was down nearly 10% percent to trade at around $48,800, according to CoinDesk data. The drop has stalled bitcoin’s enormous rally, and it’s currently heading for the biggest weekly drop since February.
The slide also sees bitcoin losing its market dominance. According to the data from price-tracking website CoinGecko, the ratio of bitcoin’s value to the overall crypto market cap has fallen below 50%.
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