Bitcoin continues to depreciate

Breaking news about Bitcoin (BTC) and cryptocurrencies continues to come. The leading cryptocurrency experienced a sharp decline and fell to the level of 38 thousand dollars. “How much is Bitcoin today? When will it rise? Why did it fall?” While investigating the questions, a critical assessment came from the experts. Here are the last minute developments and current figures for Bitcoin and Ethereum in the markets…

Why is bitcoin falling? When does it rise?

Cryptocurrency and Bitcoin (BTC) prices are experiencing activity on the first day of the week. Bitcoin suffered a sharp drop today, losing more than 4.5 percent in value. Leading altcoins also lost between 5 and 10 percent. Amid selling pressure, Bitcoin slid all the way down to the $38,000 band, dropping to its lowest level in more than a month. The largest cryptocurrency is currently at $ 39,000, declining by 3.5 percent. The value of the global cryptocurrency market fell by nearly 4 percent in 24 hours to 1.9 trillion.

Bitcoin last reached the highest level of the year with $ 48 thousand 234 on March 28.

The main reason for today’s decline in the market is thought to be the deadline for tax payments in the USA. In 2021, there was a capital gain of $ 1.4 trillion in cryptocurrencies. Although not all of them belong to US investors, it is obvious that they constitute a significant part of it. It is possible that US citizens who have to pay taxes on cryptocurrency transactions are selling their assets. Especially in recent sales, tax payments can have an important share.

On the other hand, Google searches for crypto taxes in the US have also increased rapidly this week. The chart below shows the search trend for the term “crypto taxes” which means “crypto taxes”. The chart has doubled since late March. Tax payments in the USA are mostly left to the last days. Research also confirms this. According to CNBC, as of March 27, about 96 percent of crypto investors had not submitted their statements.