Bitcoin falls to $50K after Biden floats doubling capital gains tax

Bloomberg earlier reported that the president was mulling a doubling in the capital gains tax on the wealthiest Americans to 39.6% from the current 20%.The news helped send the major stock market averages down nearly 1%, and it's also proving to be a cooler for the crypto market. Most notably, bitcoin (BTC-USD) minutes ago sunk to $50.4K, and now sports a market cap that's now gone back under $1T. Earlier in the session, bitcoin had been trading just shy of $56K.Ether (ETH-USD) has returned to $2,400 after earlier hitting a new all-time high of $2,650.In other news, one of Morgan Stanley's newly-offered bitcoin funds has raised $29.4M from 322 investors just 14 days after opening. That already makes the fund among the most popular private investment vehicles for bitcoin.Some more details on the fund: Only clients with at least $2M in net worth may invest, and bet sizes are limited to