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Bitcoin price keeps plunging, with the flagship currency now trading below $6,800. The community is discussing various factors that could have triggered this massive price decline.
A founding partner at Adamant Capital Tuur Demeester suggests a new reason, which he says he hasn’t heard yet.
BTC sell-off to pay less in taxes
The trigger for the BTC price decline that has thrown the coin below $7,000 that the crypto expert from Adamant Capital has suggested is that investors (big ones, obviously) are selling their BTC stack to decrease their upcoming tax payments.
However, as per Tuur Demeester’s theory, they are selling now, planning to buy much cheaper later on and get back into Bitcoin.
Tom Lee and the community disagree
Chief Fundstrat’s expert Tom Lee disagrees with Demeester, saying that this hardly sounds like the truth since institutional investors do not lose money in liquid markets deliberately.
Other community members are also offering counter arguments to Demeester in the comment thread.
Some are supporting Demeester's theory.
'Bitcoin uptrend is still intact'
At the end of last week, Demeester from Adamant Capital tweeted that despite the recent losses in the Bitcoin market, the uptrend started by BTC back in 2015 is still intact.
The trading legend Peter Brandt responded to that that all Bitcoin bulls on Twitter must be purged. By Bitcoin bulls the old-school savvy trader perhaps meant those who wish to make some quick profit on Bitcoin and other crypto, ignoring natural market elements, such as the bears, corrections and volatility.