Digital and crypto asset markets are down dramatically from the highs set only last week, with attempted rallies mooted by some potentially negative news on the taxation front.

The downtrend that started last weekend appeared to be waning until US President Joe Biden reportedly is set to dramatically increase capital gains taxes on the wealthy. Stock markets immediately sold off and dragged digital assets with them. Surprisingly, because proposing is a far different beast than executing, equities were down less than one percent while cryptos including Bitcoin and ETH dropped more than 10 percent each.

The reverberation of the aforementioned risk off sentiment will also have a negative effect on digital assets, as they appear to still be largely bearish despite a wave of good news from a macro standpoint, including lower unemployment claims in the US than previously forecast, Venmo’s announcement to add cryptos to their payment rails, and the expansion of ETPs and trusts built for an ever-growing contingent of altcoins.

It isn’t all sunshine and roses, though, as reports have emerged out of Turkey that the founder of Thodex, a crypto exchange based in the country, has gone missing with hundreds of millions in customer funds after advertising a 30 percent discount on DOGE bought on the platform during the height of the memecoin’s runup earlier this month. Episodes like this are a reminder that the industry still has a long way to go before maturing to the point institutions can jump in wholesale, and are likely to dampen enthusiasm for crypto through at least the coming weekend.