Guys, let's talk about bitcoin. It had earned a very strong position of $8,500 in the near past and it was a common presumption that it will keep going in the same direction because there were positive reviews and news everywhere about bitcoin. But there come a point when it fell down due to some factors. Let's talk about these factors.
On the top of all factors is the tax. You should remember that USA government announced very clearly to its traders in the last year that they should pay tax. Due to excess sale of bitcoin to pay taxes (perhaps), the price of bitcoin fell down. Moreover, the short-term traders, I mean the traders who were trading only in bitcoin on daily or weekly basis were imposed a tax rate of 30% to 40% whereas the long-term traders, I mean the "holders" were to pay 15% to 20% tax. All of these tax rates were high as per my perception. The traders had to give the consent to pay the tax rate lest the bitcoin should be banned.
The other factor is ETF. Due to the rejection of ETF, the prices of bitcoin may fall down again. If it is approved then the bitcoin price may hit the highest position somewhere in the range of $15,000 to $25,000. ETF is such a platform that can generate trillions of dollars in the cryptocurrency market.
Let me share a good news also. The bitcoin has captured 47.41% of the cryptocurrency market. You should remember price of $20,000 of bitcoin in year 2017. At that time, the bitcoin had a dominance of 55%.
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