[2018-04-18] Bitcoin Tax Day rally is not happening as price drops below 8K

thefaucetrunner

sr. member

Activity: 714

Merit: 250

Defend Bitcoin and its PoW: bitcoincleanup.com

Quote from: Karartma1 on April 18, 2018, 02:17:27 AM

Take it with a grain of salt. Roll Eyes

Bitcoin pundits had bet on prices recovering after U.S. investors filed their taxes. But as markets headed into the close on Tax Day, prices pulled back dramatically below $8,000.
Bitcoin fell more than $200 in 30 minutes, to a low of $7,861 as of 4:00 p.m. ET, according to CoinDesk. The digital currency has dropped roughly 45 percent this year, after trading above $14,000 in January.
The Internal Revenue Service views bitcoin and other cryptocurrencies as property, meaning profits from transactions are subject to capital gains tax. U.S. households could owe roughly $25 billion in taxes for digital currency holdings after bitcoin's meteoric rise last year, according to Tom Lee, head of research at Fundstrat Global Advisors.

Read More https://www.cnbc.com/2018/04/17/bitcoin-tax-day-rally-is-apparently-not-happening-as-price-drops.html

It takes me three weeks to get my refund, though I guess people could be getting those tax refund loans.

1Referee

legendary

Activity: 2170

Merit: 1427

If the market actually paid attention to the tax day, then it would have done so a few days before the 'deadline', and not jump up massively on that exact day. Buy the rumor sell the news, remember?

That being said, I am pretty pleased with how Bitcoin is somewhat maintaining a steady line around the $8000 level. At the moment the price shot up from $6800 to $8000 I was quite skeptical, especially with the frequent dumps taking the market back down, but now we're a good couple of days further, the market shows slight signs of confidence. If we are now forming ranges on the way up instead of on the way down like how things were in the last months, people can prepare themselves for more green in the coming weeks/months. Important for now is to demolish that $9000 level, everything else comes later.

Karartma1

legendary

Activity: 2310

Merit: 1422

Take it with a grain of salt. Roll Eyes

Bitcoin pundits had bet on prices recovering after U.S. investors filed their taxes. But as markets headed into the close on Tax Day, prices pulled back dramatically below $8,000.
Bitcoin fell more than $200 in 30 minutes, to a low of $7,861 as of 4:00 p.m. ET, according to CoinDesk. The digital currency has dropped roughly 45 percent this year, after trading above $14,000 in January.
The Internal Revenue Service views bitcoin and other cryptocurrencies as property, meaning profits from transactions are subject to capital gains tax. U.S. households could owe roughly $25 billion in taxes for digital currency holdings after bitcoin's meteoric rise last year, according to Tom Lee, head of research at Fundstrat Global Advisors.

Read More https://www.cnbc.com/2018/04/17/bitcoin-tax-day-rally-is-apparently-not-happening-as-price-drops.html

Topic: [2018-04-18] Bitcoin Tax Day rally is not happening as price drops below 8K (Read 112 times)