Can we stop pretending three months of crash is somehow tied to tax deadlines?
It would be great.
Certainly not ALL three months, but definitely some:
There's just no reason for such low prices, other than a bunch of idiots handling their coins to Wall Street which are the ones buying all the cheap coins before institutional money and other whales come in. They will not do it before all the weak hands are shaken.
Taxes. Taxes are good reasons. $25 Billion owed for 2017 in just the USA.
Cryptocurrencies Could Be 20% of Capital Gains Tax Payments This YearThe IRS has upped its ante with its Coinbase aggression. Misleading or ignoring the IRS is a whole hornet's nest of trouble. Bitcoin's history is rife with prosecutions and asset seizures for those who did not pay their taxes. Often, taxes gets them in more trouble than the illegal goods and services they might have been trading in the first place.
Anyone who thought BCash was just free money? Well, guess what, taxes. Every fork claimed in 2017 is taxable income, whether you sold it or not. If it was worth more than $1000, you need to pay taxes in the quarter you claimed it. Otherwise, guess what? Even more penalties and interest owed on top of your taxes.
Already spent your windfall during Christmas/New Year? Well time to unspend it.
So what we have here is a bunch of people owing taxes and back taxes and penalties/interest on taxes owed for maybe more than just 2017 and
a whole bunch more people just waiting for them to further liquidate to pay their taxes. So the price will continue to drop, and all the smart traders and whales and investors and institutions are just twiddling their thumbs, waiting, accumulating on the dips, waiting.
Patiently.
Just like every Q1.
Do not underestimate the power of a sovereign nation to duly collect their taxes and to instill enough fear into motivating people to pay their taxes.
The very foundations of sovereignty rests upon the ability of a nation to collect taxes. And inflict punishment on those who do not.
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