Connect with us

Altcoins

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

Laira Rebecca

Published

on

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 :

loading…


“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.



Follow us on Telegram | Twitter | Facebook



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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoins

Binance had no plans for USD pairs anytime soon confirms Zhao Changpeng [CZ]

Sthuthie Murthy

Published

on

Binance had no plans for USD anytime soon confirms Zhao Changpeng [CZ]
Source: Pixabay

Binance, the largest exchange platform for cryptocurrencies in terms of trading volume confirmed all the rumored news about allowing users to buy digital tokens with dollars to be “fake”

CZ, the founder tweeted today:

“While we cannot predict the future, others keep attempting it on us. Both news is not accurate. We are working with banks to support fiat, but no plans for USD. Be careful around predictive “crystal ball” news. Neither XVG nor XRP involved.”

Users have been mocking him for the typographical error where he mentioned Ripple [XRP] as XPR. That might be a minor error but in the cryptocurrency world, there is no room for error, and if there is one, it is not spared, says a speculator.

Jimmy, an XRP enthusiast says:

“He said no “XPR” involved, meaning XRP still has a chance!”

Last week, social media platforms and blog posts were circulating articles saying Binance will introduce dollar transactions which in turn pushed the so-called altcoins over the edge, like Monero and EOS.

loading…


Binance consistently ranks No. 1 on the list of exchanges globally. It handled $2.2 billion of trading in the past 24 hours and currently only supports trades between cryptocurrencies, meaning clients can swap one token for another but not for a traditional currency like dollar or euro.

Binance tethered Cardano to USDT as a trading pair along with ADA/BNB earlier this week. XRP/BTC, EOS/BTC are all the top traded pairs on Binance with huge volumes competing for each other.

Miranda Hurley, a Twitterati says:

“Just start with EUR pairs as you are in Europe now. Anyway, Thanks for the transparency and incredible motivation to strengthen the community.”

Julie Simon, a day trader says:

“CZ, I predict that you will lose business if you do not adopt fiat/USD soon – Coinbase and Kraken support and other exchanges will give the people what we want – instant ability to convert crypto into fiat so we do not lose when BTC price goes down – give us USD :-)”

Continue Reading

Altcoins

Ontology [ONT] – Rallied alone among the giants! – Sentiment Analysis – April 20

Vinod KA

Published

on

Ontology [ONT] - Rallied alone among the gaints! - Sentiment Analysis - April 20
Source: Pxhere

The bullish momentum seems to have subsided since the last one hour and the statistics for the last one hour show signs in the reddish zone. The coins are consolidating above their respective levels and the biggest gainers so far like Ripple [XRP] and Bitcoin Cash [BCH] seem to have lost more in the last one hour. Ripple has had a loss of 1.12% and Bitcoin Cash has had a loss of 1.06%.

However, both of them are above their respective levels which were gained during the bull run. The total market capital at 2:45 PM UTC is at $373.870 billion. The introduction of index funds turned out to be positive for the market as it attracted a lot of investors to the forefront. It became easier for them to invest and it also gives better returns than most of the hedge funds.

Our sentiment analysis segment provides a wholesome picture of the current market trend in the cryptocurrency world and also the possible outcomes of the coins in it. The opinions of experts come from around the world and are presented to our readers as it is.

This is done by interviewing a group of analysts, investors, skeptics, miners, influencers and their sentiments and opinions are recorded in this segment. This analysis is focused on Ontology [ONT] which is currently at the 25th spot in the rankings.

Ontology [ONT]

loading…


The coin had moved up to the 24th spot overtaking Verge [XVG] but the spot has been taken back by Verge, pushing it down to the 25th spot in the rankings. At 2:57 PM UTC, Ontology was seen to be trading at $4.37 with a market capitalization of 1.053 billion.

The coin has had a gain of 0.27% in the last 24 hours and it peaked at an intraday high of $4.61 at 8:04 PM UTC yesterday. The previous high of $5.08 was on the 13th of April and this also marks the all-time high for the coin. Since the all-time high, the coin has not gone down below $4 mark.

Ontology was the only coin that was seen to have gained during the previous bear market. ONT was trading with a market capitalization below $1 billion at the start of this month and has gained over $400 million market capitalization moving it into the top 25 list of cryptocurrencies.

Joy Grand, an Ontology investor from Jena says:

“There is a potential cup formation for Ontology and if a handle also emerges at the end, all that the coin has to do is to break that handle. I suggest that this is the right time to buy the coin as if the handle is broken, we may see the coin hitting the targets at $5 and above. So try to accumulate ONT before the next run up.”

Tessa Lucas, a Civil Engineer from Moscow says:

“ONT broke the downtrend resist line and it peaked above $5. This is the first time that the coin has crossed this mark and the chances are that it will go back up soon. Ontology is expected to launch their Main Net in the second quarter and once that is live, we can surely expect a lot from the coin.”

Manav Talukder, a Lecturer from Kolkata says:

“Ontology started trading on March 8th. Its performance has been outstanding. It opened April with a $2.06 price but 11 days later, it was seen to be trading at $4.40. With this trend in hand ontology will rise up to the targets set for it in no time. I see a lot of potential in the coin to dominate the rallies again like it did once.”

To conclude 71% of the Ontology respondents were of the opinion that the coin has the capacity to move up considering the very less amount of time it took to reach this point. Another 29% of Ontology respondents feel bearish as it is a relatively new coin and has to be in the market for some time to form their opinions.

Continue Reading

Trending