Since the last week, Crypto experts like Tom Lee, Tim Draper, Spencer Bogart have been holding the tax season responsible for the huge BTC sell off, which has made the bitcoin price scenario much, much worse like never before.
The tax season has been one of the major driving factors for the bitcoin price to take a dip as low as 65%
Bogart told that because of the cryptocurrency prices going down 50 percent from their peak values, people have to sell twice as much crypto just to cover those taxes. He said,
“The tax selling has been a very real thing, and it has accelerated over the past couple of weeks. I’m not surprised as we get a bit closer to Tax Day that some of that pressure, that selling pressure, is starting to ease a bit.”
Read More : Bitcoin Price is Picking Up Post Tax Season : Venture capitalist
However, it’s hard to assert if the taxation season was the sole reason for 2018’s bear market. Pressure on BTC market has been the highest these days. With a strong bounce across all markets last night, people have high hopes again.
This BTC boost will also apparently help other cryptocurrencies pick up. Ethereum, Litecoin, and XRP are all heading back in the right direction. But they won’t shoot as high as we witnessed towards December 2017. Bogart confirmed the bear market is not be over by any means.
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