Bitcoin Prices Climb as Trump Administration May Further Reduce Capital Gains Taxes

Bitcoin prices jumped more than 4.5% as investors digested recent statements by U.S. President Donald Trump’s economic advisor Larry Kudlow.

During an interview with CNBC on Thursday, Kudlow pitched a “phase two” of the recent tax reform bill.

Kudlow hinted that a new reform package would feature a lower capital gains rate, which would reduce taxation on cryptocurrencies.

Markets have also been watching the actions of major institutional investors and following them back into the cryptocurrency space.

This week, hedge fund billionaire Alan Howard announced that he had made a “sizeable bet” on Bitcoin and that he was buying on the “dip.”

In addition, billionaire investor Peter Thiel said at the Economic Club in New York City that he was still long on Bitcoin. During his talk, Thiel said that he is skeptical of other cryptocurrencies and the broader markets.

Here is a recap of the top cryptocurrency prices at 1:30 p.m. EDT.

  • Bitcoin: $8,543.31, +4.71%
  • Ethereum: $620.07, +3.13%
  • Ripple: $0.70, +3.56%
  • Bitcoin Cash: $1,039.69, +13.18%
  • Litecoin: $168.23, +4.51%

Now that we know all of today’s price movements, here’s what has been moving these cryptocurrencies…

Cryptocurrency News Today

On Friday, the market capitalization of the global cryptocurrency sector hit $339.29 billion.

Bitcoin comprised 42.6% of the total cryptocurrency market, with a market cap of $144.57 billion.

The best performers among the top 50 largest cryptocurrencies by market capitalization included Alon (up 27.80%), Lisk (up 17.78%), Ardor (up 13.80%), Bitcoin Cash (up 13.18%), Zilliqa (up 10.35%), VeChain (up 8.51%), Ontology (up 8.12%), and Verge (up 7.70%).

The worst performers from the top 50 largest cryptocurrencies by market capitalization included DigixDao (down -2.11%), NEM (down -0.98%), Tether (down -0.23%), and Waves (down -0.08%).

Cryptocurrency Miners Could Face New Taxes

One of the biggest concerns about cryptocurrencies has been the surge of electricity demand required to “mine” them.

However, one state plans to address the environmental impact of cryptocurrency mining.

The New York State Public Service Commission will allow municipal authorities to charge higher rates for firms in the crypto-mining industry.

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