BTC/USD is trading at $48574.8, 0.52% down since Thursday. The heavy sell-off can be noticed in Bitcoin on Thursday after U.S President Je Biden proposed to raise the taxation rate to 40% for the wealthiest Americans to meet the social expenses. This may force traders & investors to limit their trading in digital assets which have become a good source of income in the last couple of months. This soared down the BTC/USD to previous lows of $48K. Last week, China’s Xinjiang region for Bitcoin mining & operations have suffered an electrical grid blackout due to a coal mine explosion which led the BTC/USD to plunge to $50K. Further selling may be recommended on daily basis in BTC/USD.

XRP/USD is trading at $1.0559, 0.42% down since previous day close. The heavy selling pressure can be seen in amid global cues; majorly, following the proposal of raising the taxation rate for wealthiest Americans. The power outage in Chinese region; affecting Bitcoin mining operations led a heavy sell-off in digital assets earlier in a week. Also, the considerable correction was due in XRP/USD as it tested three-year highs of $2 with relatively heavy trading volumes. Globally, the worsening Covid-19 situation in major countries & attempts to provide sufficient vaccinations remains vital for digital assets. As seen in the chart, the XRP/USD crossed MA (10) & MA (20) & is hovering near Fibo level 61.8 which indicates a strong breakdown if breached the same.