News: Bitcoin experienced a significant sell-off, dropping below $50,000, primarily driven by concerns over President Biden's proposed capital gains tax hike. This regulatory uncertainty has led to a bearish sentiment across the crypto market, with major altcoins also declining. However, some analysts believe this dip is temporary, and the stock market's resilience suggests a potential for recovery. Institutional adoption continues with firms like Meitu and Square making significant crypto investments, and the SEC's review of a new Bitcoin ETF application offers a potential bullish catalyst.

Market Probabilities: 
Bull 40% | Base 30% | Bear 30%

Recommendations: 
Short-term: HOLD
Long-term: BUY
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