Did you guys checking the crypto market today? If you have checked then i am pretty sure you got shocked for a moment and thought why this happening ? here i have come with the reason why the market has crash down like this guys :
Earlie today or yesterday , according to a Bloomberg report, Joe Biden would raise the capital income tax rate in his next economic plan to a maximum of 43.4%. Prices in the stock market fell on the basis of this news, followed by its similar effect in the cryptocurrency market.
The price of Bitcoin continued to fall in the morning, reaching a low of ৮ 4,728, the lowest in the last 50 days. Earlier, on March 3, Bitcoin had a low of ৭ 47,000. Earlier in the day, the price of Bitcoin was ৮ 53,625 at the beginning of the day, which rose to a high of ৫ 55,500. A lot of people sell bitcoin from 4/5 am Bangladesh time due to which the market fell very fast although now it has recovered a lot.
Although the market has fallen very quickly based on this news, this does not really apply to everyone. According to a Bloomberg report, the new tax on capital income will only apply to those with a capital income of 1 million usd
or 1 million and more and the equivalent investment at the time.
Then what your review now about crypto market mate ?? Will the market keep doing from now ?
Also from a new news i have come to know that Currently BTC Holding 49K Trendline Support.if it Holds 1day Candle Closing above 49K we see Bullish Zone again .if 1day Candle Closes below 49K Trendline we See fall again around 44-43K..
do not you think BTC gonna go on it own price again ?
Posted Using LeoFinance Beta
The capital tax is for only people who earn more than a million from the transactions. I am sure they all would be powerful people but at the same time it would be a very small number as well. Its very unlikely that the tax bill would have impacted the fall. I believe its more of profit booking at higher prices.
how you can say the number is small when most of the usa based citizen has high income ..this gonna effect much on them
Posted Using LeoFinance Beta
I would assume its not only because a expected tax law in the US, since that would only affect US citizens. May be the drop is caused by more rumors about crypto regulations on a international level, as it already happened a week ago or so. Did you see, both Hive and Steem dropped about 35% (!) in the past 24 hrs. BTC "only" 10%.
It is a concerning developement anyhow, and it shows once again, that cryptos are far from being reliable currencies, but rather a high risk speculative asset.
Everything is risky. Cryptos were made to be decentralized. If this goes as described there will be privacy tokens like Monero that surge. This won’t just die out. Not a chance
Like the alcohol in the US in the 1920s - it didn't die out, but a lot of people went to jail over it.
but you know right that usa citizen most of the time dominance crypto market and this is the time which is not difference too ..they are profit out out from the crypto market which lead this huge down ..maybe this is the time of bear market
Posted Using LeoFinance Beta
Doubt it. The bear market being here I mean. This is BullMarket all over. Hive was under 20 cents just months ago. It’s not that weird to retrace. 20% moves in cryptos are like 3% moves in stocks. I don’t see a bear market like 2018/2019 here at all
what i can say it that was the effect still in crypto market because US control the whole crypto market still .. on the other hand you can say too that this was a big correction and may btc moving forward for new ath
Congratulations @limbo2013! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 600 upvotes.
Your next target is to reach 100 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPSupport the HiveBuzz project. Vote for our proposal!