Venture capital: The selling of taxes has caused bitcoin to plummet this year, and the sell-off has come to an end.
Block Capital chain (Blockchain Capital) partner Spencer Bogart (Spencer Bogart), an interview with CNBC said selling tax is the main culprit of currency prices tumble this year, but this kind of circumstance is drawing to a close.
“The capital gains tax was found to be much higher than expected in 2017.” “Now, with the price of cryptographic currencies falling by 50 percent, people have to sell twice as much to cover these taxes,” Mr. Bogart said in an interview Thursday.
“The tax sell-off is real and has accelerated in the past few weeks.” Mr. Bogart said his company has invested in a number of cryptocurrency assets. “As the tax day approaches, it will not be surprising that this selling pressure is easing.”
In fact, with the U.S. private income tax return coming in less than a week, the currency rebounded sharply Thursday morning. According to Coinbase, bitcoin had surged 17 per cent to $8011, but then slipped below $8,000. The surge in bitcoin has also pushed up the value of the etheric, bitcoin cash, the leiter and the ringgit.
Bitcoin rose to $19,500 in mid-december 2017. While Bogart, said he still hasn’t completely certain COINS bear market ends, because a lot of regulatory concerns still exist, but he still believes that the currency “easily” breakthrough in December last year before high.
Mr Bogat points out that other digital currencies have carried out ICO, the first time it has been issued, which has raised concerns among regulators and attracted the attention of the securities and exchange commission.
“Bitcoin is the safest place to be compared to other cryptocurrencies.” “Bitcoin is the only encrypted currency in the SEC’s safe zone,” he said.
Published by Matt Johnston & last updated on April 13, 2018 3:14 am