Trading Economics for CoinMarket

U.S. stock futures were mostly higher, one day after Wall Street skidded on reports that President Joe Biden plans to propose an increase in the capital gains tax rate to 39.6% for those earning $1 million or more, up from 20% currently. The Dow, S&P 500 and Nasdaq finished off their lows, declining about 1% each. The three stock benchmarks were tracking for weekly drops of more than 1%. (CNBC)

Dow components American Express (AXP) and Honeywell (HON) delivered quarterly results Friday morning. Amex beat handily on profit but missed on revenue. Shares dropped nearly 4% in the premarket. Honeywell beat on both, though its stock was also lower. (CNBC)

Intel (INTC) late Thursday delivered essentially flat first-quarter sales and a drop in profit in the first earnings report under new CEO Pat Gelsinger. The Dow stock declined more than 2% in premarket trading, though Intel’s per-share earnings and revenue did beat estimates. (CNBC)

Bitcoin and other cryptocurrencies sank Friday as concern about Biden raising U.S. capital gains taxes on the rich led to a wave of selling. Bitcoin, which hit an all time high near $65,000 on April 14, sank 6.5% to under $50,000. That’s a 23% plunge in a little more than a week. The crypto market value, half of which is bitcoin, dropped $200 billion in just a day. (CNBC) [1]

Shortly after Biden's announcement:

Bitcoin (BTC) has slumped more than 8%, over a 24-hour period, a drop attributed to U.S. President Joe Biden’s proposed tax increase on capital gains on those earning above $1 million. But the effect may be temporary, according to the CEO of a leading crypto-dedicated payment services provider.

Biden’s proposed treatment of capital gains as income, which stipulates a rate of up to 39.6% instead of the current 23.8%, has had “a shock effect in all markets,” BCB Group CEO Oliver von Landsberg-Sadie told CoinDesk. Still, cryptocurrency is likely to be unaffected over the long-term, he said.

“While the shock may be sustained in stock markets, the nature of cryptocurrency will see straight through this dip” Landsberg-Sadie said.

He said MicroStrategy’s Michael Saylor and Tesla’s Elon Musk have both made their views “abundantly clear” about holding bitcoin in their corporate treasuries.

“The difference between cryptocurrency and any other market is that we’re seeing more and more large-scale crypto buyers who simply have no intent on exiting the position,” Landsberg-Sadie said. Instead, the stock-to-flow model cited by blockchain hedge fund Pantera Capital for its prediction that the price of bitcoin will reach $115,000 this summer will be a “much stronger driver of value than fiat-based tax.”

According to Landsberg-Sadie, the drop in bitcoin’s value on Friday has been an “overreaction” to Biden’s capital gains proposal and will likely bounce back to the Pantera projections where its next high is somewhere above $70,000. [2]

April 23, 2021 fear index as shown in below;

Resources :

[1] https://www.cnbc.com/2021/04/23/stocks-to-bounce-after-biden-capital-gains-concerns-slammed-wall-street.html?&qsearchterm=biden

[2] https://www.coindesk.com/bitcoin-dip-biden-tax-hike-capital-gains