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.

Want to learn how passive income will take care of your future:

New cryptocurrency passive income investments platform. Without deposit locking, deposit in 15 different cryptocurrencies, earn in crypto.

Registration link: https://tradinginsight.ai/?partner=cryptocurrencytimes

Basic support videos for Tradinginsight

Link for our Telegram channel, where you will find answers to your questions: https://t.me/Cryptocurrency_Times

What's your reaction?
Happy0
Lol0
Wow0
Wtf0
Sad0
Angry0
Rip0
Leave a Comment