The Bitcoin experience a moderate bounce on this morning, as the impending conclusion of tax season in the US suggests that an important sell pressure will be eliminated from the markets.
Cryptocurrency market data by coinrate.com
Many analysts attributed the first-quarter sell-off in part to the fact that investors and people in general were forced to sell their digital currencies holdings to cover tax obligations. By tonight, most tax returns will have been filed, so the market is supposed to see some movements.
So now that tax season is wrapping up, Fundstrat Global Advisors and Pantera Capital have both issued buy recommendations on the flagship cryptocurrency, arguing that it will broach a new all-time high before the end of the year.
As it this wasn’t enough, Christine Lagarde, IMF head, just said: “Crypto-assets enable fast and inexpensive financial transactions, while offering some of the convenience of cash. Some payment services now make overseas transfers in a matter of hours, not days.”
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