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RE: Is it possible that Tax Day is the single biggest drain on Cryptocurrency Prices currently?

in #cryptocurrency7 years ago

I never thought of it before but you bring up a good point as people are squeezed they're going to show weak hands on something as speculative and as easy to access as cryptocurrency

Liquidating other assets is not close to as easy as crypto so I think you're on to something. The market is filled with first-time investors who will be subject to trends like taxes, holiday time spending, i'm sure we'll see a big sell-off come black Friday this year as people prepare to turn their gains into spending money for deals and festive time gifts. Its the same with the Chinese new year too. Since Crypto is a global economy the market is affected by so many different buying and selling trends

I think i should put together a calender and highlight key dates i think sell offs with most likely happen and prepare properly for them. I have been picking up discointed coins during this bear run but very moderately still waiting for my big buy once i feel we've hit a bottom i can deal with

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My thoughts exactly. If prices start trending up around April 19th, we'll have a pretty good idea what was causing much of the decline.