Bitcoin fell below $50,000 yesterday for the first time since early March amid fears that the United States will double taxes on digital currency profits.
The decline leaves bitcoin on track for its worst week since March last year and will have shed almost $15,000 in value since hitting a record high last week.
Bitcoin is the most popular of all the cryptocurrencies, which exist only as computer code. There is about $930 billion of bitcoin in circulation in a global digital currency market worth nearly $1.9 trillion. The prices of bitcoin and its peers are notoriously volatile.
The popularity of bitcoin has exploded in recent months after a growing number of financial institutions made early forays into digital currencies and as speculators poured into