A huge reason behind this dumping is the end of tax years in April for Hong Kong, India, New Zealand, Singapore, South Africa and the UK.
There are more than enough personal and institutional investors in those countries combined to crash the BTC and alt prices by realizing taxable losses and cashing out to cover the tax bill for the 17-18 fiscal year.
Once that's done, there are no more tax concerns for any major crypto country until January. Prepare your almonds gentlemen.
It's true. People made huge, huge gains up until January. Way more than any other year. People realizing taxable losses if their fiscal years end in January started the dump, and now it's the turn of countries with fiscal years ending in April.
Plus, there will be plenty of people with fiscal years ending in January (USA etc) who calculated their tax bills, decided not to cash out, and were then forced to when prices crashed so low that it started to threaten whether they had the money to cover the tax bills.
That will even be continuing now across the world, but eventually they will clear out and then the sell pressure will drop dramatically.
Lucas Jones
The fact is, most people in this space are willing to gamble most, if not all, they have for a shot of riches. But even the biggest bull will have no choice but to sell if they don't want to be fucked by Tyrone in jail.
Hunter Rodriguez
A greater bear market will take effect as taxes are due mid-April. Another drop will occur when people who thought they would fly under the radar get caught. This will be a massive sell off where bitcoin will reach a low that it will never recover from. Screencap this.
