- Biden’s proposed tax law has spooked all markets, not just crypto. Experts suggest, however, that the pull back will be short-lived.
- After last weekend’s flash crash, both Bitcoin and Ethereum have traded sideways until finally revisiting new lows on Thursday.
- This week’s to-do list shows users three ways to stake and earn lucrative returns on ETH 2.0 with minimal capital.
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This week’s wNews unpacks the implications of Biden’s aggressive tax proposal.
Like any politician worth their polyester suit, they’re master negotiators. And rarely do negotiators get everything on their first attempt. Aiming high, however, means that the middle ground will be far more enticing, thanks to an optimistic ask.
Many experts suspect this is precisely what the Biden administration is doing.
Still, the mere idea of a hefty bump in the United States’ income and capital gains taxes has already sent investors running. The S&P 500 dropped 0.9% on the news, trailing behind many high-growth tech stocks. Tesla, arguably this cycle’s biggest winner, dropped nearly 3%.
Crypto was no different. Both Bitcoin and Ethereum shed a portion of their Q1 gains. Neither asset nor the broader market has fully recovered yet either.
Long-term holders are unfazed by the news. And for those interested in putting their diamond hands to the test, this week’s to-do list offers readers three ways to earn interest in staking their Ethereum.
Tax rates are irrelevant if you never sell.
— Avichal Garg – Electric Capital ⚡💸 (@avichal) April 23, 2021
All that and much more below.
Biden’s Bull Market Bid
On Thursday, market participants were throttled by news that the Biden administration sought to nearly double the capital gains tax in the United States. Specifically, the proposal would draw a higher percentage from citizens earning more than $1 million.
Capital gains taxes are those that investors pay on the profit made from selling…