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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 :

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“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

Bitfinex partners with EOSIO as a Blockchain Producer

Sthuthie Murthy

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Bitfinex partners with EOSIO as a Blockchain Producer
Source: Pixabay

Bitfinex, headquartered in Hong Kong is the largest Bitcoin trading platform with over 10% of the exchanges’ trading. They offer state-of-the-art services for digital assets and liquidity providers. While their search for advanced technologies with the capacity to meet high-demands of a high-volume blockchain both legally and technically was in process, they came across EOSIO community to which they believe they can contribute significantly.

Latest tweet by Bitfinex:

“Bitfinex is pleased to present itself as an EOS Block Producer candidate.”

Bitfinex will act as an incubator to fund, nurture and advise teams that are serious about the future of EOS. Their team is an assortment of more than 100 experts from the industry including a highly versatile development team, legal experts, technical support agents, and industry advocates.

They claimed:

“Our team has gained invaluable industry experience along the way, and we aim to make use of this to enrich the teams around us — sharing information and providing guidance whenever possible.”

Being a block producer candidate, they pledge to grow the open-source nature of the decentralized digital asset space. This is done through intense research, collaborations, and community development. They aim to combine the potential of EOSIO with their own terms of research, development, and adoption at a much higher level.

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A high-performance decentralized exchange platform, EOSfinex also aims to combine the scalability and potential of EOSIO. It is built on EOSIO technology, along with the financial/development expertise of the Bitfinex development team. EOSfinex looks forward to delivering a highly-scalable, on-chain trading platform.

They added:

“EOSfinex has been developed by considering speed, transparency and scalability and will be the first trust less exchange to be implemented on EOSIO-based networks.”

Apart from the development of a trustless exchange, EOSfinex will be leading the development of a secure and intuitive EOS wallet as well. The partnership is meant to leverage EOSIO’s platform for horizontal scaling of DApps. As their continuous search led them to the EOSIO platform, they aim to process tens of thousands of transactions per second with the lowest fees.

Judy Steven, a Bitfinex user says:

“This is exciting. I’m interested in learning more about this “intuitive wallet” you are developing.”

Ariana Paul, a speculator says:

“Congrats Bitfinex! Looking forward to seeing what great accomplishments Bitfinex will bring to the EOS ecosystem. I can see a three-digit price for EOS soon.”

Lessie Grundon, a market observer said:

“Honestly, I don’t think this is good. To me decentralisation is all about random people having a right to produce blocks and vote the way ahead.”

EOS has been one of the top gainers in the market that has turned bearish recently displaying significant volume gains up to 52% and currently trading at $13.19. The market cap has also noticeably gained and is worth $10 billion roughly as seen at press time.

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Altcoins

Jed McCaleb talks about the foundation of Stellar Lumens [XLM]

Ketaki Dixit

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Jed McCaleb talks about the foundation of Stellar
Source: PxHere

The BayPay Thought Leadership event was held on 19th April, where Jed McCaleb, the Co-Founder, and CTO of Stellar Development Foundation spoke about the past, present, and future of Stellar.

He started by explaining how the transactions on Stellar work and about how they get banks on board. He says that banks are not the first ones to take up this system of transaction. However, smaller financial institutions like money transfer operators that focus on payments will be more open to adopting this method of sending money.

He said:

“We are working with a few banks and none of them are in production. I don’t think of the banks using cryptocurrency are in production… I don’t think they’re going to do anything until they see a lot of money flowing somewhere else in the ecosystem first because they are the most risk-averse, they have the most to lose essentially.. we spend most of our time outside the US – mainly focus in South Asia, Africa.”

He further explains that there is a lot of friction in places where people do not have bank accounts, wherein the adoption of the Stellar network makes it easier for them to adopt the system.

When asked about how much responsibility they have as a network to allow ICOs to function, Jed talks about the company being unable to stop anyone from issuing a token on the network but they wouldn’t be involved in the same. However, he says “Our responsibility falls on the ones that we do work with.. we want to make sure there is reputable and valuable projects”.

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He also says that people need to be careful while investing in ICOs as these are the early days in the space, due to which there are a lot of scams and fraudulent activities.

A crypto enthusiast commented:

“This was a great discussion. I loved how Jed did a great job answering the questions even though they were irrelevant. I think it could have been more detailed about the backstory of Stellar and the challenges the faced instead of talking about Jed’s life history. Im sure the audience wanted to know more than just unnecessary things.”

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