Falling bitcoin: after $ 62,000 hike, currency depreciates with new U.S. tax plan

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bitcoinBitcoin has recorded record values ​​in 2021, recently the virtual currency has gone over $ 62,000, but now the tax plans of the Joe Biden government in the U.S. are already causing cryptocurrencies to devalue. According to Reuters, only the mention of the plans has already caused Bitcoin to decline 8.59% in 24 hours.

Currently the most famous cryptocurrency in the world is worth US $ 49,900, which is one of the lowest values ​​since March 2021. Previously, Bitcoin has been quoted up to 44,000, after a sharp drop in February.

Called the Made in America Tax Plan, Joe Biden’s tax plan aims to raise taxes on capital gains at a rate of 39.6% for those earning more than $ 1 million.

Nick Spanos, the founder of Bitcoin Center NYC, commented on the change in an interview with Reuters:

With a high rate of growth in the price of bitcoin, cryptocurrency owners who have accrued earnings will be subject to this tax increase.

In addition, Bitcoin was not the only currency affected. Dogecoin, for example, saw a 6.63% drop in the past week, reaching a 22.97% devaluation in less than 24 hours after news of the new plan was in the media.

On the other hand, cryptocurrency experts say the Biden government’s new taxation policies are unlikely to have much influence on their values. In any case, the ideal is to remain aware of these changes if you are an investor.

Currently, according to CoinMarketCap, Bitcoin is worth $ 49,863.46 with a drop of 7.57% in the last 7 days.

The bitcoin cryptocurrency reached a new record just a month after exceeding the value of $ 61,000. The currency price was recorded at the US $ 62,732 (about R $ 358,871), which represents an increase of 114% in value since the beginning of the year.

The news arrives on the eve of the debut of Coinbase, one of the largest cryptocurrency trading platforms on the Stock Exchange. Many traditional investors have shown interest in bitcoin, the main cryptocurrency, and big names on Wall Street, such as JP Morgan or BlackRock, offer specialized funds to their clients.

The “fashion” seems to be becoming popular little by little. Recently, actor Terry Crews launched his own cryptocurrency, which guarantees access to exclusive content. Still, analysts warn that bitcoin is far from becoming a widely used form of payment and that the risk of a bubble burst remains.

The bitcoin market is used to sudden movements. In 2017, the cryptocurrency started the year at less than $ 1,000, before approaching $ 20,000 in December and return to a level below $ 4,000 in 2018. At the end of March this year, it even suffered a retracted 11% in just 24 hours.

New record! Bitcoin exceeds $ 61,000 and miners study ways to cool GPUs

The year 2021 has been a busy one when it comes to Bitcoin, with high points here being Elon Musk’s investment in the currency leading to a record $ 44,000, the possibility of Twitter switching to using cryptocurrency to pay for its employees, and even the expectation that Samsung Pay may start supporting payment with them soon.

Considered the main culprit for the high prices on NVIDIA graphics cards, Bitcoin managed to beat another record this week, reaching the value of US $ 61,683, that is, something close to R $ 342,488 in direct conversion to our currency.

This exponential growth in Bitcoin’s conversion value has in turn made the market related to it have easily surpassed the total of more than US $ 1 trillion for the first time and with the possibility of going even further, considering that they are currently available 18.53 million bitcoins globally and the expectation is that in 2040, we will reach the milestone of 21 million issued.

In addition, the adherence of large companies to cryptocurrency helps to boost and make its offer more robust in the market, in addition to making the market gradually become self-sufficient for its own demand over time.

Another noticeable detail is that the other cryptocurrencies are up to when we consider the 24-hour period, including the even higher percentage growth of Ethereum (although the face value is considerably lower when compared to Bitcoin).

Oil cooling becomes an ally for miners

One of the problems faced by miners is the heating of the GPUs used for Bitcoin mining and with that, cooling solutions are beginning to be worked on and implemented by owners of mining farms around the world.

The most obvious and well-known solution is that of liquid cooling, having seen the disclosure of a Vietnamese from a farm with “only” 10 NVIDIA GeForce RTX3090 plates in a circulating radiator cooling the set and keeping it cold, as can be seen in the print disclosed by the owner (below).

In addition to liquid cooling, one of the possibilities that have been used is that of cooling with mineral oil with the immersion of the clusters in the substance, thus helping to lower the temperature of the set, making the process more efficient.

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However, this type of cooling is more limited, making the high maintenance cost, the complexity to use, the difficult cleaning, and the service life difficult, which ends up being shorter due to corrosion.

Source: olhardigital

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