Ninjastic
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Re: Deadline of tax payment in America is coming. Will the bull market appear again?
by
exstasie
on 19/04/2018, 20:25:53 UTC
Quote from: wuvdoll on April 19, 2018, 04:30:19 PM
Quote from: exstasie on April 18, 2018, 08:39:29 AM
Quote from: MiladMax on April 18, 2018, 07:58:08 AM
when is it??

The deadline is already past. It was yesterday (April 17th).

In fact, to comfortably have covered payments by yesterday, you'd have to have sold 1+ weeks ago. That lines up pretty well with that bottom in the low $6,000s. Quite a coincidence. Smiley
Hmm. So we have to assume that since this is over, we may actually start seeing some good response in the market pretty soon. It may be just be a coincidence because I cannot expect how a single country may actually have that much of an impact on the value of cryptocurrency at large.

It could definitely be a coincidence. There are way too many variables to attribute market action to tax season. But logically, it should have some effect, given the size of the US market. It's not just one of 200 countries in the world; it's one of the largest cryptocurrency markets. I'm not sure how these estimates were arrived at, but they sound about right:

Quote
According to noted bitcoin bull Thomas Lee of Fundstrat, the total tax liability in the U.S. for cryptocurrencies is estimated to be $25 billion for 2017, meaning cryptocurrencies could be about 20% of total U.S. capital gain tax payments this tax season.

Lee said he estimated 30% of cryptocurrency holders were in the U.S., meaning $187 billion of the market value increase came from domestic traders.

We saw the same kind of action in early 2014. Maybe it's a coincidence, maybe not. You never really know with markets. Shit just happens. Tongue