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Bitcoin Hovers at Recent Lows Amid Tax Related Selling

From traderslog.com

Bitcoin prices fell below $7,000 on Monday ahead of the looming April 17th U.S. tax-filing deadline. Analysts speculate that U.S. households likely owe billions of dollars in capital gains taxes for their cryptocurrency holdings and that investors are selling in order to meet their tax liabilities. Bitcoin prices have fallen more than 27% over the past month and are down over 52% for 2018. The recent slide comes after the price of Bitcoin rallied a massive 1,400% in 2017. Regulatory uncertainty has played a role in Bitcoin’s decline. Bitcoin fell below the key psychological level of $10,000 in March after the U.S. ... (full story)

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  • Category: Technical Analysis