Bittime - The United States IRS (Internal Revenue Service) tax reporting deadlinehas just passed, impacting cryptocurrency market sentiment. Traders are now starting to look for top crypto assets to buy post April 15.
As the tax deadline approaches, significant shocks often occur in the crypto market, triggered by various factors that trigger sharp volatility in digital asset prices. For most Americans, the tax filing deadline is April 15. However, exceptions are granted in some states and to certain individuals.
Market commentators generally believe that in the weeks leading up to the tax deadline, market sentiment tends to be bearish. Investors try to pay off capital gains on the profits they earned last year. Bitcoin (BTC) and other top crypto assets experienced weekly declines after a massive sell-off last weekend.
5 Potential Assets for Moonbags Ahead of Bitcoin Halving
As the market looks for recovery momentum post-liquidation, here are the top 5 assets to watch after the IRS tax deadline:
1. Bitcoin (BTC)
Bitcoin's price was impacted by the IRS tax deadline, triggering a massive sell-off that brought its price down drastically. Bitcoin is down 10% in the last seven days and 5.1% this month. This price drop comes after months of consistent inflows into Bitcoin, driven by the approval of an ETF (Exchange Traded Fund) based on physical Bitcoin assets.
Many optimistic investors view Bitcoin's price of $64,000 as the lowest point. This is based on the halving event (halving of Bitcoin mining rewards) which will occur after the IRS tax deadline as well as other factors.
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2. Ethereum (ETH)
Ethereum (ETH) with its staking feature, remains an important asset for most wealth managers. The asset plunged 13% this week due to the IRS tax deadline and other macro factors. The main driver for Ethereum at the moment is optimism over the approval of an ETF based on physical Ethereum assets in the United States.
3. Solana (SOL)
Solana is trading around $144, down 20% this week after previously recording massive inflows. The asset is said to be a favorite of institutional investors based on inflows into Solana-related products. Analysts project that the new price movement could be the driver of the next bull run in the crypto market.
4. Dogecoin (DOGE)
DOGE was among the top meme coins to suffer the biggest losses this week following macroeconomic factors. Dogecoin (DOGE) plunged 24% in the past seven days as crypto markets tensed due to IRS tax deadlines and geopolitical tensions.
The meme coin rally that occurred earlier this year has started to cool off in recent weeks. If the bullish trend returns, crypto users could see another inflow into the Dogecoin ecosystem.
5. Shiba Inu (SHIB)
Shiba Inu (SHIB) also experienced a similar weekly drop in outflow of 22.6%, and a larger monthly drop of 19%. With previous gains gone, many in the Shiba Inu community are expecting a rally following a potential re-influx of funds into the meme coin.
Although the IRS tax deadline has reduced capital flows in the market, geopolitical tensions have also exacerbated losses experienced by stocks and crypto assets.
BTC/USDT Bitcoin Price Today
Source: Bittime.com
On April 16, 2024, the price of Bitcoin BTC/USDT was at $63,036 per coin, down 3.41% in 24 hours.
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Conclusion
IRS tax deadline impacts short-term crypto market sentiment. However, long-term investors see the opportunity to accumulate potential crypto assets at attractive prices. Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu are among the assets that crypto investors need to pay close attention to post the IRS tax deadline.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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