Today Bitcoin’s price dropped to $48,000. The last time the cryptocurrency fell below $50,000 was on March 7, 2021. The market is shocked, the stock prices dropped as well.

According to CoinGecko Bitcoin is down by 10% in the last 24 hours and by 23% in the last seven days. The question that every investor asks is “Is this the end of the bull market”.

On the other hand, Bitcoin is stable compared to other cryptocurrencies. XRP fell 17.6% to a price of 1.05 and Uniswap is down with 14.3% to 31.85.

The last all-time high of Bitcoin was achieved on April 14 when the price hit $64,445. Sadly today the price dropped approximately 33% from that time.

One of the reasons for the red candles is the fear of the capital gains tax in the USA. Due to the US law selling cryptocurrencies is a “taxable event” after that the taxpayer must pay tax on the profits it gained. Mostly the capital gains tax affects day traders.

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