Bitcoin hits one-month low as traders cut exposure ahead of U.S. tax deadline. reports godbole17
Bitcoin has breached critical price support to hit one-month lows as the U.S. tax season draws to a close.
"Tax-related selling has definitely played a role in recent weeks, Jeff Anderson, CIO at the quantitative trading firm and liquidity provider Folkvang Trading, said in a Telegram chat."However, it's difficult to say exactly how much of the weakness has been due to the impending tax deadline." "The tax issue has been known and anticipated in the markets already, so we don't see that as a decisive factor for the current price dip," Liu said."Basically, the short-term correlation between bitcoin and U.S. stocks has reached a new peak."
"Checking on the overall bitcoin network movement from spent output age band USD and spent output value band USD, it seems like the cohort most active during the price change seen a few hours ago was mostly 0~1 week aged coins + UTXO volume in 1M+ USD," Chan Chung, head of marketing from Korea-based analytics firm CryptoQuant told CoinDesk in a Telegram chat.
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