Bitcoin prices will probably climb after April 17, when Tax Day in the United States is over. That’s what Fundstrat co-founder Tom Lee, a noted bitcoin bull, predicts. Lee said the recent drop in bitcoin’s price amid a flurry of sell-offs was partly caused by investors rabidly trying to sell off their cryptocurrency holdings to avoid paying taxes on them.
Bitcoin’s price has plunged below $6,700 today from its peak of $19,000 in December 2017. The top cryptocurrency by market cap has been decimated during the past few weeks amid an avalanche of negative news, including crypto advertising bans by Twitter and Google.
Email distribution platform MailChimp also joined the fray, banning cryptocurrency and ICO ads, citing the need to prevent “scams, fraud, phishing, and potentially misleading business practices.”