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This week in crypto: Biden tax plan, crypto adoption, NFT memes, and DOGE

This week in cryptocurrency had a few exciting and newsworthy events. Let’s recap the week and see what were the market drivers and topics everyone was talking about.

Bitcoin price shows slump on capital gains tax news

U.S. President Biden tax plan causes chaos

At the end of last week, President Biden dropped a bombshell that seemed to rock the crypto prices: Biden will propose a capital gains tax as high as 43.4% for the wealthy.

Since the way that cryptocurrencies like Bitcoin are taxed, when you sell it for USD, it is taxed as capital gains. If the Biden proposal were to be adopted, nearly 50% of any gains you were to receive from the sales would be taxed. This disrupted the market confidence as some whales didn’t want to get taxed so much, so they sold the news.

However, in true crypto fashion, after the slump to start the week, the prices recovered from dropping to a low of $46K and is currently sitting at $56K.

Cryptos see more adoption

It was another big week for major players getting into the crypto space. This week it was announced that Venmo rolled out support for a few different cryptocurrencies: Bitcoin, Bitcoin Cash, and Ethereum.

In addition to Venmo, the shared workspace and real estate company WeWork announced it will officially begin accepting various cryptocurrencies too, as they will be partnering with BitPay, which supports BTC, BCH, ETH, DOGE, and a few stablecoins.

Memes make their way onto NFTs

One of the internet’s most recognizable images, “Disaster Girl,” was sold for 180 ETH ($450,000) on NFT marketplace Foundation.

Disaster Girl meme

The proceeds went to Zoe Roth, the child flashing a devilish grin in front of the burning house, more than a decade after the photo became a meme on the internet, illustrating the possibility that NFTs may shift the capitalization of social moments and memes.

DOGE hits the spotlight again

It seems the other meme, Dogecoin, just won’t die so easily. With the coin being consistently talked about by the likes of Elon Musk, the crypto continues to surge, which was up nearly 6% this week. Not only has Musk helped to shine light on the Shiba Inu faced-coin, but so has Mark Cuban, saying that Dogecoin is “better than a lottery ticket.”

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