Bitcoin and other cryptocurrencies fell sharply on Friday, as investors worried that US President Joe Biden’s plan to raise 

capital gains taxes would discourage investment in digital assets.

Bitcoin has dropped

Bitcoin has dropped 7% to $48,176 in a third straight session of losses, while Ether and XPR fell by double digits.

“The cryptocurrency came under fresh pressure on the Biden tax headlines,” Deutsche Bank’s Jim Reid wrote in a note to clients.

Bitcoin, the world’s largest cryptocurrency, is on track to lose 15% this week. 

However, the recent drops follow a sharp rally, with Bitcoin still up 65 percent since the beginning of the year. As a result of Joe Biden’s tax plans, Bitcoin has dropped 7%

The market appears to be more concerned about the potential impact of rapidly rising COVID-19 infections on economic and earnings growth. 

The benchmark Nifty50 has fallen 6.6 percent and the BSE Sensex has fallen 8.4 percent since its all-time highs in February 2021.

Since April 14, 2021, India has reported more than 2 lakh confirmed COVID-19 cases per day and has now surpassed the 3-lakh-case-per-day mark.

Several states have announced strict restrictions, and reports indicate 

that many more states are likely to impose additional restrictions and announce lockdowns in the coming days.

“Investor sentiments were hurt with rising COVID cases and the possible disruption being caused by the second wave hammered indices to lower levels. 

Growing concerns over the negative repercussions on the economy have played out and the weak global cues did not help matters either,” Gaurav Garg, Head of Research,

 CapitalVia Global Research told Moneycontrol.

Lockdowns in a few states and night curfews have served as a catalyst for the downfall, he said.

Experts believe COVID-19 will have an impact on economic and earnings growth at least in the first quarter of FY22.

 This would eventually have an impact on full-year growth, but there could be a faster recovery after the second wave.

“There surely will be a negative impact on corporate earnings of Q1FY22 due to the fresh uncertainties arising out of the second wave of the pandemic.

 To some extent, it will also hamper the recovery that was taking place in the Indian economy,” said Shailendra Kumar, CIO, Narnolia Financial Advisors.

Siddharth Sedani, Vice President, Equity Advisory, Anand Rathi Shares and Stock Brokers, feels that from a short-term perspective

, the second wave of COVID-19 and lockdown will keep the market nervous, but the approval of the Sputnik vaccine in India will boost the vaccination drive. 

This will bolster the medium to the long-term perspective of the markets, say experts.

“However, the risk of lockdown will also bring in a lot of opportunities. 

The government’s capital expenditure and RBI’s accommodative monetary stance are expected to keep the equity market positive, with a long-term perspective,” he said.

Also with an internal discussion with BuyUcoin Team on the same topic, ShivamThakral said “The recent price movement of bitcoin clearly indicates towards consolidation, this is healthy pull back and will provide long term stability to the world largest crypto-assets “

In the midst of the current market correction and volatility, here are the top eight economy-related stocks that experts recommend.

Source : Moneycontrol

Cryptocurrency in India

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