News Now: Bitcoin Sinks Below $50,000 As Cryptos Stumble Over Biden Tax Plans

Crypto market volume hits $167.59bn in 24 hours

Bitcoin and other cryptocurrencies suffered hefty losses on friday on fears that u.s. president joe biden’s plan to raise capital gains taxes will curb investment in digital assets.

The selloff came after reports that the biden administration was planning a raft of proposed changes to the u.s. tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

Bitcoin, the biggest and most popular cryptocurrency , slumped 7% to $48,176, falling below the $50,000 mark for the first time since early-march, while smaller rivals ether and xrp fell around 10%.

The gas development and commercialization programme of the nigerian national petroleum corporation (nnpc) received a boost thursday with the execution of the oil mining lease (oml) 143 gas development agreement (gda) by the nnpc and its partner, sterling oil exploration and production company (seepco).

A statement by the group general manager, group public affairs division, dr. Kennie obateru, disclosed that the project would boost the nation’s gas production by 1.2trillion cubic feet .

Speaking at the gas development agreement signing ceremony held at the nnpc towers, abuja, the group managing director of the nnpc, mallam mele kyari, said the gas commercialization strategy of the corporation was in sync with the federal government’s national gas expansion programme (ngep), adding that the gas from the project would be processed at the ashtavinayak hydrocarbon limited (ahl) 125million standard cubic feet of gas per day gas plant located in kwale, delta state.

On his part, the group managing director of seepco, mr. Tony chukwueke, said the oml 143 gda is a major milestone for the country because it was the first agreement in nigeria that fully separates gas development from oil production, noting that the arrangement would enable wholistic development of the gas potential in the block.

He further explained that the gda was a significant step as it was the first of its kind to expressly include terms that encourage the contractor to be effective in its cost management thereby passing on significant revenue to the federal government, nnpc and other stakeholders.

The gas development agreement is required, pursuant to the production sharing contract obligations, to set out the terms for the development of the 1.2tcf non-associated gas oil block by seepco which is the contractor with the nnpc is the concessionaire.

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