Tom Lee, Fundstrat Global Advisors’ Head of Research, postulated that Bitcoin would be under pressure due to tax loss selling. He calculated that for every $1 in U.S. dollar selling it could impact the market value (think market cap, not price of Bitcoin) by $20 to $25.
However, Credit Karma had seen fewer than 100 people report cryptocurrency gains out of 250,000 filers per CNBCas of Friday, April 13. It may be that Bitcoin investors are using other services, but if Turbo Tax, H&R Block and tax preparers saw similar low volumes of cryptocurrency reporting, the two week weakness leading up to April 17 in Bitcoin’s price and last week’s rebound could be due to other forces.
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