Hello Everyone,
You may be seeing that the price of bitcoin has dropped very fast from the last few days. It was not expected that it would be down. Just like, its price was $8400 in last few days, it was assumed to be near about $9000.
What is the reason of bitcoin price is down?
The reason is, people are selling the bitcoin and they are being mostly sold in America. That's because traders who were paying taxes. There was a law made on behalf of IRS (Internal Revenue Service) "U.S. Govt. Agency" that it was said that you have to give a capital against tax. Those who have worked in short term 39% and those who have worked long term, they have 20%.
A week ago, IRS had sent a notice to every bitcoin trader that the tax is to be deposited.
Coinbase send all the details to IRS. who the people working with Coinbase.
This is the reason why the price of bitcoin is so low in few days.
Thanks
