Cryptocurrencies were in bearish trend on Friday as tax concerns and over bought momentum leads to selling in major cyptocurrencies. A proposed capital-gains tax increase for wealthy Investors in America has led to increased volatility in Bitcoin. However, Ether has some momentum remaining due to expected network upgrades.

Etherereum was down along with Bitcoin, witnessing 10% decline to around $2,150 on Friday. This is in comparison with Bitcoin, which has been on a downward trend since its peak price reached in the middle of April.

A fresh round of selling was observed on Friday which brought down the Bitcoin price by 7.9% to about $47,550 as technical indicators were in Over bought region leading to Profit Taking.

For ethereum, an upcoming technology upgrade is likley to reduce the supply of Ether, which will help boost the price.

The Ethereum blockchain is the one of the actively used blockchain technology in the world, and has been gaining momentum recently with the focus in areas like DeFi and nonfungible tokens


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