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Crypto Selloff Driven by $25 Billion Capital Gain Hit
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Date: April 5th, 2018 12:08 PM Author: gaped azure school cafeteria half-breed Crypto Selloff Driven by $25 Billion Capital Gain Hit
Selling pressure in cryptocurrencies could ease after tax day.
The April 15 income-tax filing deadline is contributing to crypto’s falling prices as investors who won big betting on the digital tokens sell some of their remaining holdings to pay $25 billion in capital-gains levies, Tom Lee, the head of research at Fundstrat Global Advisors, wrote in a note Thursday. Bitcoin dropped more than 40 percent over the past month, including a 2.4 percent decline on Thursday to $6,664 as of 9:39 a.m. in New York.
“This is a massive outflow from crypto to dollars,” Lee wrote. “Historical estimates are each $1 of USD outflow is $20-$25 impact on crypto market value.”
Tom LeePhotographer: Chris Goodney Lee says that $25 billion prediction -- derived from his estimate that U.S. households had $92 billion in taxable gains from cryptocurrencies in 2017 -- would represent 20 percent of capital-gains tax receipts to the U.S. Treasury. He estimates total capital gains receipts will hit a record $168 billion for tax-year 2017.
A crypto bull who maintains a year-end price target on Bitcoin of $25,000, Lee sees the selling pressure passing. |
Date: April 5th, 2018 12:09 PM Author: gaped azure school cafeteria half-breed “This is a massive outflow from crypto to dollars,” Lee wrote. “Historical estimates are each $1 of USD outflow is $20-$25 impact on crypto market value.” (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35769512) |
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Date: April 5th, 2018 12:20 PM Author: hyperactive talented abode gaming laptop Bold. How’s his track record? (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35769619) |
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Date: April 5th, 2018 12:53 PM Author: jade kitty cat multi-billionaire He's a permabull (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35769841) |
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Date: April 5th, 2018 1:46 PM Author: Disturbing Soul-stirring Menage ah, fuck (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35770323) |
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Date: April 5th, 2018 2:24 PM Author: jade kitty cat multi-billionaire He is a smart guy and comes from Wall Street (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35770634) |
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Date: April 5th, 2018 2:32 PM Author: Disturbing Soul-stirring Menage “We still like Bitcoin and large-caps,” he said, adding that “while we believe the bear market for alt coins is largely over, we do not see upside for alts until mid-August.”
wonder why he thinks the next alt bull run will be in mid-august. seems oddly specific |
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Date: April 5th, 2018 4:29 PM Author: jade kitty cat multi-billionaire Just trend prediction. Slow recovery in BTC leads to slow boost in confidence in alts (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35771919) |
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Date: April 5th, 2018 1:27 PM Author: sable insanely creepy sweet tailpipe spot (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35770140) |
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Date: April 5th, 2018 2:05 PM Author: bateful mad-dog skullcap bbw I think this is the guy that has a $25k target for BTC by end of year
You can probably draw some conclusions based on that |
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Date: April 5th, 2018 2:52 PM Author: ultramarine excitant university This guy is hilarious on CNBC he's always shifting/rotating his head in weird ways. What he's saying may be true, a lot of people have mid-April targeted as the start of real recovery (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35770910) |
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Date: April 5th, 2018 4:48 PM Author: gaped azure school cafeteria half-breed CNBC is really shit.
bloomberg.com/crypto is pretty good |
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Date: April 5th, 2018 4:53 PM Author: ivory rehab hominid They're both SPS (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35772146) |
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Date: April 5th, 2018 5:00 PM Author: gaped azure school cafeteria half-breed bloomberg actually breaks some stuff. they'll have good people on like olaf carlson-wee. CNBC is just has second-tier figure heads talking their own book and lots of hysterics (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35772245) |
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Date: April 5th, 2018 6:01 PM Author: ivory rehab hominid Lol they're both SPS.
That they both occassionally interview someone who has a clue doesn't change that. CNBC, too, has had multiple interviews with Olaf, Armstrong, Ehrsam, and the rest of the Coinbase coterie. |
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Date: April 5th, 2018 6:57 PM Author: gaped azure school cafeteria half-breed NIGGERRR (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35773517) |
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Date: April 5th, 2018 6:50 PM Author: hyperactive talented abode gaming laptop (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35773451) |
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Date: April 5th, 2018 5:23 PM Author: turquoise goal in life I dont buy this (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35772494) |
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Date: April 5th, 2018 5:25 PM Author: bateful mad-dog skullcap bbw You probably shouldn't, see my comment above (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35772516) |
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Date: April 5th, 2018 5:26 PM Author: Disturbing Soul-stirring Menage when moon (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35772523) |
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Date: April 5th, 2018 5:35 PM Author: bateful mad-dog skullcap bbw A certain magical asian assured us it will be models and bottles all over again in 3 to 5 short years (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35772594) |
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Date: April 5th, 2018 5:39 PM Author: hyperactive talented abode gaming laptop (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35772634) |
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Date: April 5th, 2018 6:59 PM Author: Disturbing Soul-stirring Menage he was too bearish at other times in 2017 too so we'll see (http://www.autoadmit.com/thread.php?thread_id=3940038&forum_id=7#35773542) |