Bitcoin News: BTC Falls to Lowest Price in a Month as Tax Deadline Looms in the U.S.
Crypto News

Bitcoin News: BTC Falls to Lowest Price in a Month as Tax Deadline Looms in the U.S.

2mo ago

BTC's painful pullback coincides with tax day in the U.S. — and Americans have until the end of Monday to submit their income tax returns.

Bitcoin News: BTC Falls to Lowest Price in a Month as Tax Deadline Looms in the U.S.

Table of Contents

Bitcoin's price has fallen to its lowest level in a month after dipping to lows of $38,696.19 on Monday.

The world's biggest cryptocurrency has fallen by about 20% from the highs of $48,000 seen toward the end of March.

BTC's painful pullback coincides with tax day in the U.S. — and Americans have until the end of Monday to submit their income tax returns.

Some analysts have suggested investors may be selling off some of their crypto holdings in order to settle their outstanding liabilities.

All of this could create further pain for consumers, as converting Bitcoin to cash is a taxable event — and the Internal Revenue Service will expect a share if capital gains have been made.

Tax isn't the only threat on the horizon, as Bitcoin remains closely correlated to Wall Street — rising and falling in line with major indices. At the Bitcoin 2022 conference in Miami, some speakers acknowledged that the digital asset was effectively trading like a tech stock as a result.

The tech-heavy Nasdaq 100 was especially bruised last week as investors weighed the prospect of another interest rate rise in May… and Treasury yields continued to surge.

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

Red Across the Board

As of 12.30pm U.K. time on Monday, Bitcoin has fallen by 3.5% over the space of 24 hours — increasing to 5.3% on a seven-day timeframe.

Ether has fallen by 4.2% over the past day, Binance Coin by 3%, XRP by 4.7%, Solana by 5.2% and Cardano by 6.5%.

The total market cap of all cryptocurrencies stands at $1.8 trillion after spending a large part of early April above $2 trillion.

17 people liked this article