As the tax deadline approaches, its impact on the market is felt significantly coupled with other factors igniting sharp volatility in crypto asset prices. The deadline for most residents in the United States to file taxes is April 15. However, exceptions are given in some states and to certain individuals.
Generally, market commentators opine that weeks leading up to the deadline take a bearish outlook because investors look to repay their capital gains on profit last year. Bitcoin (BTC) and other top assets are in weekly losses after this weekend’s heightened sell-offs. As the market looks to recover folks in liquidations, here are the top 5 assets to watch out for after the IRS Tax deadline.
Bitcoin (BTC)
Bitcoin has been impacted by the IRS tax deadline leading to a massive sell-off plummeting the asset’s price. Bitcoin is down 5% in the last seven days and 3.31% this month. These outflows recorded by the market leader come after months of consecutive inflows due to spot ETF approvals.
Many bulls consider a $66,000 Bitcoin price low because of the halving event after the IRS tax deadline and other factors.
Ethereum (ETH)
Ethereum remains a key asset for most wealth managers because of its staking feature. The asset plunged 5.2% this week due to the IRS tax deadline and other macro factors. Ethereum’s major driver remains optimism for a spot ETF approval in the United States.
Solana (SOL)
Solana trades at $154, 12% down this week after notching massive inflows this week. The asset was termed an institutional investor favorite based on inflows to its products. The next uphill of crypto could be a new price action, analysts project.
Dogecoin (DOGE)
DOGE was among the biggest losers in top coins this week following macroeconomic factors. The leading memecoin plummeted 17% in the last seven days as the market got tighter due to the IRS tax deadline and geopolitical tension. Memecoins rallied earlier this year but has cooled in recent weeks. Should a bull run ignite, crypto users will see another inflow into the ecosystem.
Shiba Inu (SHIB)
Shiba Inu also posted a similar weekly outflow of 17.6% and a larger 19% exit this month. With the asset losing its previous gains, many within the community expect a rally following memecoin inflows. While the IRS tax deadline has reduced capital flow in the market, geopolitical tensions heightened losses recorded in stocks and crypto assets.
Also Read: Memecoin Plunge 18% Following Massive Crypto Liquidations
The post 5 Crypto To Buy After IRS Tax Deadline appeared first on CoinGape.
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