BTC Peers. April 23,2021The only logical explanation for this move may be that investors want to offload digital assets (like BTC, BNB, ETH) with the biggest gains which will qualify them for a higher tax rate. Presently, the Internal Revenue Service (IRS) now requires taxpayers to file any transactions relating to digital currencies on their tax documents, thereby resulting in a massive reduction in the assets investors are willing to hold at the moment.
With several tax experts claiming that taxpayers holding crypto assets for over a year bound to pay higher capital gains tax, investors are increasingly offloading cryptocurrencies, Bitcoin, BNB, Ethereum a few of them.
While this move according to various experts and analysts is ephemeral, it is currently upsetting the crypto market with Bitcoin, Ethereum, and Dogecoin down by 10.07%, 10.89%, and 11.65% respectively.
BTC Peers. April 23, 2021.
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Source: Cryptocurrency - investing.com
