Top Cryptocurrencies Traded Lower Monday
Bitcoin prices climb above $7,000 at the weekend, but the momentum did not hold into Monday. The No. 1 cryptocurrency dipped back to about $6,800 Monday in a light-volume session.
Most of the Top cryptocurrencies by market cap traded lower Monday, too, in relatively narrow ranges.
Monday, Bitcoin dropped more than 6% over 2 hours Monday, below $7,000 as the April tax-filing deadline looms.
The cryptocurrency hit a low of $6,646.07 as of 3:49p EDT Monday.
Currently, Bitcoin is trading at: $6,750.0049, -371.46, or -5.22%, as of 3:58a BST, the market is open.
Bitcoin prices have fallen more than 27% over the past month.
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Tax-related selling has been a key driver of this month’s sell-off, according to some analysts.
Researchers said in a report last week that US households likely owe $25-B in capital gains taxes for their cryptocurrency holdings. To meet tax liabilities, investors are selling Bitcoin, which could mean more selling into USDs ahead of the April 17 tax filing deadline in the US.
Bitcoin prices are down more than 52% YTD, after opening Y 2018 above $14,000. The entire cryptocurrency market has lost more than 50% its market capitalization since the beginning of this year, according to the data.
Regulatory uncertainty has been another factor in the pricing pressure.
The US SEC has cracked down on a fundraising technique known as initial coin offerings. Last week, the SEC charged 2 founders of a cryptocurrency firm with carrying out a fraudulent ICO.
Global regulators are split on how to police the cryptocurrency, which is not backed by a central bank.
The Reserve Bank of India announced last week that regulated financial institutions in India can no longer legally deal with cryptocurrencies.
One analyst I read today, called this frame the ‘Pre-discovery mode’ for cryptocurrencies.
G-Bit has out performed most Cryptocurrencies in the last month.