This week, all the major cryptocurrencies hit a low. Bitcoin (BTC), the most renowned has plunged below its lowest price in over a year. In the last 24 hours, Bitcoin (BTC) traded below $5800. The blockchain ecosystem is losing capital quickly.
In addition, it is suspected that U.S based traders and investors might be selling their digital assets. Moreover, this selling might be going on due to the fact that investors are trying to cash in their digital assets.
Bitcoin (BTC) Price Today – BTC / USD
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In the last 24 hours, the crypto verse has lost more than $24 billion. A good number of Bitcoin users and new investors traded and invested in Bitcoin when it peaked during last year December’s crypto boom.
But it is time for repayment, as the IRS has requested the capital gain tax on the huge profit they made back then.
It is believed that the action is as a result of investors and traders trying to avoid the capital gain tax. In addition, they might be doing it before filing for their April taxes.
Other major cryptocurrencies and digital asset tokens have been affected by the Bitcoin (BTC) selling. CoinMarketCap reported that about $24 billion was lost by the crypto market in the last 24 hours.
