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Post tax day, the selling pressure of cryptocurrency seems to be diminishing – Tom Lee

Laira Rebecca

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Post tax day, the selling price of cryptocurrency seems to be diminishing - Tom Lee
Source: Flickr

Tom Lee, the Head of Research at Fundstrat Global Advisors predicted that the selling pressure in the cryptocurrency market might stop falling uncontrollably by mid-April. Reports say that the major reason behind the falling prices is the approaching income tax filing date. Every year April 15th is considered to be the Tax Day in the United States, however, this year it falls on 17th due to the upcoming holidays in the U.S.

According to Lee, the drop in cryptocurrency price is due to the investors who are trying to sell off their digital assets to avoid paying taxes on them. Bitcoin investors owe almost $25 billion worth US taxes. Apparently, the Internal Revenue Service is also planning to collect taxes on the cryptocurrency gains. 

Tom Lee says :

The $25 billion will be representing 20% of capital gain tax receipts to Treasury, which means why the IRS cares so much about collecting crypto taxes.”

Further, he mentioned that the total receipts for capital gains are expected to reach a record $168 billion (for income tax year 2017).

Lee stated that :

“Selling pressure for bitcoin should be alleviated after April 15th,”

A cryptocurrency enthusiast tweeted:



Fingers crossed. There could be bounce back again tomorrow – no one knows in this game! “

Tom Lee also added :

“ We support Bitcoin and large-caps,also we believe the bear market for alt coins is largely over, we don’t see upside for alts until mid-August.”

It is being noticed that the digital currencies are being used for daily operations instead of dollars as the prices of Bitcoin and Ethereum crashed recently. Also, some investors bought these coins to sell their alt coins, however, they got rid of it due to the tax season. Bitcoin has tumbled down to almost 65% since December and is trading at $6,882.06 as per today’s reports. However, many experts say that the cryptocurrency fans consider this as the best time to invest in Bitcoin.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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Altcoins

Tron DApp Weekly Report: Gambling apps leads the surge in Tron DApp numbers

Namrata Shukla

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Tron DApp Weekly Report: Tron DApps number led by Gambling apps
Source: Pixabay

Tron, the eleventh largest cryptocurrency on CoinMarketCap, recently collaborated with Bitpie, a partnership that would help startups to bridge the gap in vulnerable financial systems. Tron’s token might be lagging in terms of performance in the market but, Tron DApps continued to surge.

The DApp weekly report released by the Tron Foundation reported an increase of 22 DApps in the Tron ecosystem, taking the total to 392. It noted that gambling DApps mainly contributed to this growth as 17 DApps were gambling-based. Decentralized exchanges followed suit, as 3 new DApps made their way into the Tron DApp ecosystem. The main highlight for the entire Tron community was the partnership with Opera, a mainstream browser.

Tron introduced a DApp ‘Lucky Moon,’ an entertainment-based DApp that pushes users to estimate the current time to run away from the imploding rocket with a specific reward rate. As the rocket takes-off, the reward rate keeps increasing and the player will have to escape at the right time. An extension of this game is ‘Tyrant Annihilation,’ where users need to collect seven types of equipment to kill a tyrant. The DApp might have taken inspiration from The Avengers.



The report made note of the fact that the Tron public chain received support from Aocoin wallet, a decentralized secure digital currency wallet. My Token, a software company that specializes in market information has been integrated into Tronscan and TRX market, leading the way to user traffic in DApps ecosystem.

At press time, Tron was valued at $0.0283 with a market cap of $1.89 billion. The 24-hour trading volume of the coin was noted to be $690.34 as it reported 6.36% growth over the past day. The coin grew by 8.80% over the past seven days, but fell by 0.44% in an hour.





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