The value of the cryptocurrency market declined by hundreds of billions of dollars Friday but seems to be recovering at the close of the business week.

  • Bitcoin (BTC) trading around $50,993 as of 21:00 UTC (4 p.m. ET). Slipping 3.7% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $$47,875-$52,557 (CoinDesk 20)
  • BTC above the 10-hour but below 50-hour moving average on the hourly chart, a sideways signal for market technicians.

Bitcoin’s hourly price chart on the Bitstamp exchange since April 20.
Source: TradingView

The price of bitcoin fell over the past 24 hours, with the asset dipping as low as $47,875 around 09:00 GMT (4 a.m. ET) according to CoinDesk 20 data. The price is now retrenching from the loss, at around $50,993 as of press time. 

Analysts pointed to U.S. President Joe Biden’s proposal to double capital gains taxes on high-income individuals as the catalyst. 

“My take right now is that the Joe Biden tax has something to do