I think you've put your finger on one of the reasons for all the selling. What's even worse is that I've heard stories of people who sold cryptos for big profits in 2017 and then redeployed the capital into other cryptos that are now substantially underwater. Those people now don't have enough money to pay their taxes that are due on 2017 income because they were not attentive to the tax issues. I feel sorry for them.
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Yes same here. I had that happen to me in a penny stock a few years back. Not a fun situation to be in.