Bitcoin sees wild ride on U.S. tax fears

Bitcoin and other cryptocurrencies had a wild ride on Friday (April 23).

That on fears that U.S. President Joe Biden plans to almost double capital gains taxes.

Reports claim Washington could raise the tax to 39.6% for people earning more than $1 million.

Bitcoin slumped as much as 7%, before bouncing back.

That took it close to $48,000 at one point, and marked the first time it's been below $50,000 since early March.

Within hours though, it was back above that level.

The tax plans also jolted broader markets, prompting investors to take profits in stocks and other assets.

Some analysts think bitcoin's long-term future remains bright, however.

They say digital currencies are supported by growing acceptance among retail and institutional investors.