The price of bitcoin temporarily dropped below the psychologically important $50,000 level on Friday, putting the digital asset on track for its worst weekly performance since March, as traders appeared unable to shake worries over a potential rise in the U.S. capital-gains tax rate for wealthy investors.
Bitcoin BTCUSD, -1.23% closed at $50,619.83 at 5 p.m. Eastern Friday, after trading below $48,000 to touch a level last seen in early March, according to CoinDesk. The digital asset fell 18.3% for the week, its biggest such fall since the week ended March 13, 2020, according to Dow Jones Market Data Group.
