Cryptocurrencies
Crypto Selloff Driven by $25 Billion Capital Gain Hit, Tom Lee Says
- Fundstrat sees selling pressure easing after tax day
- U.S. households may see record realized capital gains in 2017
Photographer: Daro Sulakauri/Bloomberg
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Selling pressure in cryptocurrencies could ease after tax day.
The mid-April income-tax filing deadline is contributing to crypto’s falling prices as investors who won big betting on the digital tokens sell some of their remaining holdings to pay $25 billion in capital-gains levies, Tom Lee, the head of research at Fundstrat Global Advisors, wrote in a note Thursday. Bitcoin dropped more than 40 percent over the past month, including a 1.2 percent decline on Thursday to $6,750 as of the New York close.