Published On: Mon, Apr 9th, 2018

Bitcoin’s Correction Continues – Is the Floor in Sight?

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It seems like every month there is a new regulatory issue impacting Bitcoin in a negative manner. This month, not surprisingly, has seen multiple events that are being portrayed in a negative light, forcing the price of BTC lower.
Bitcoin Price Analysis
 Bitcoin prices across exchanges have fallen more than 25 percent over the past month. Monday at 9 a.m. BTC was as low as $6705. The price of Bitcoin remains as volatile as ever having fallen more than 6 percent during a two-hour period Monday morning. There are many catalysts allegedly causing this continued Bitcoin price correction. The main culprit is likely the “time of the year” being U.S. tax season.

Tax season in the U.S. has been called the culprit for this week’s sell-off. The head of research at Fundstrat Global Advisors stated that U.S. households likely owe over $25 billion in capital gains taxes from cryptocurrency holdings. With tax laws finally being implemented allowing BTC and crypto traders to pay their capital gains this week has witnessed a frenzied selling. The U.S. tax deadline is April 17 which has resulted in fairly intense selling pressure over the past few days.
Bitcoin has fallen …

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