In accordance with Coinomedia, the crypto market has experienced a sharp decline following Japan's proposed 20% flat tax on crypto gains. Bitcoin and Ethereum both fell by around 5% in the last 24 hours, with Bitcoin dropping below $90,000 to $86,523 and Ethereum trading at $2,836. The People’s Bank of China reaffirmed that virtual assets are not legal tender, adding to the bearish sentiment. Major altcoins like Zcash and Ethena fell by 22% and 17%, respectively, while some small-cap tokens saw gains.
Japan's 20% Crypto Tax Proposal Sparks Market Sell-Off, BTC and ETH Drop 5%
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