All the major renowned cryptocurrencies along with the whole crypto verse and crypto market are hitting a low this week. One of the most renowned cryptocurrencies, Bitcoin [BTC] is plunging below its lowest in over 12 months. Bitcoin [BTC] traded below $5800 in the last 24 hours. The blockchain ecosystem is losing capital fast.
Furthermore, It is suspected that the investors and traders based in the United States might be selling their digital assets. Moreover, the selling might be taking place due to the investors trying to cash in on their digital assets. Possibly, they might be trying it to pay off their capital gain tax.
More about the reason behind Bitcoin [BTC] fall
The crypto verse has lost over $24 billion in the last 24 hours. Many of the users of the Bitcoin and new early investors invested and traded in Bitcoin [BTC] at its peak in the crypto boom of December 2017. But it is the time for repayment, as the IRS demands the capital gain tax on the hefty profit they earned during that time.
It is estimated that the action might be due to the traders and investors trying to evade those capital gain tax. Furthermore, they might be doing it before filing for their April taxes.
Tyler Jenks, President of Lucid Investment stated this on his official Twitter handle. “It has begun. Staring into the void. Broken to new lows. Broken the Hyperwave Phase 2 Line. More later. I am on the road.”
Bitcoin [BTC] selling is also affecting other major cryptocurrencies and digital asset tokens in the crypto verse. CoinMarketCap reported that the cryptocurrency market lost about $24 billion in the last 24 hours as stated above. According to OnChainFX, some digital asset tokens such as DNT, MANA, and BAT are losing by a whopping 20 percent in the last 24 hours. Bitcoin is currently trading at $5,697.56 and is still down by about 8.94 percent.
EOS First, TRON Second, Bitcoin Fifteenth, Ripple Eighteenth in China’s 11th Crypto Rankings
TokenInsight January Report: The Average Daily Transaction Volume of Newdex Ranks First
Super EOS Community Launched the Conference in Hong Kong
Start using Brave, and stop Chrome tells, Larry Sanger, Wikipedia Co-Founder
Paydex, Creating Cryptocurrencies Payment Ecosystem based on Vtoken Public Chain Technology
Emmanuel Macron, The French President discusses the untapped potential of Blockchain
Brave Browser latest Android Version (1.0.88) now supports Brave Rewards
Brave Browser: Now users can earn Basic Attention Token (BAT) for viewing ads
XRP may hit $589, says Redditor, while analysts say it might be $1000
ENJI’s partnership with Samsung, kickstart the currency by 70%
Cryptocurrency News9 months ago
Europe vs. US: Crypto regulation differs because of political system
Altcoins News8 months ago
Ripple [XRP] launched on Philippines exchange Coins.ph
Cryptocurrency News8 months ago
Top Swiss Stock Exchange to offer Crypto Trading on its Platform
Altcoins News9 months ago
Privacy vs. Transparency: US Secret Service go after Monero and Zcash