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Bitcoin Is Getting Crushed. Why There’s Turmoil in the Crypto Markets. – Barron’s

Fears of higher taxes spook stock market, Intel CEO says global chip shortage could last two more years, and other news to start your day.

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Bitcoin is in a bear marketand it may be because there are too many crypto millionaires.Bitcoin has fallen nearly 4% Friday, and the cryptocurrency, which now trades under $50,000, has dropped 23% from its all-time high. That was just nine days ago on April 14. Things happen fast in the cryptocurrency market.The current leg down began after reports broke that President Joe Biden might propose sharply higher capital-gains tax rates, causing risky assets, including stocks and Bitcoin, to slump. But…

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