The imposing of gain tax on cryptocurrencies have been the major reason why unfavorable speculations hit the online currency market, and of course, with such speculations came to the massive sale of Bitcoin by a lot of investors. Investors in the United States had to start to sell off their currencies for the purpose of paying off this imposed tax.
Investors have been informed that they have to pay taxes for all the massive gain they made in 2017, especially with Cryptocurrency being declared as assets. This move has prompted people to start selling off their investment quickly as a way to avoid taxes. Such rapid sales brought about a massive drop in the price of the currency.
Furthermore, crypto-analysts reported that another major reason why the price of cryptocurrencies dropped massively is that Google and other sites announced that they had banned ads and other activities related to Bitcoin on their websites. All these have contributed to the volatile nature of Bitcoin to cause a massive drop in its price.
However, we expect to see some surprises in 2019. Analysts have been given their opinion on how 2019 will look like for investors. We know Bitcoin and other cryptocurrencies to operate in ways that are really surprising. Experts predict that Bitcoin will see a gradual rise in price by 2019; Although we do not expect it to hit $20,000 again, we expect a massive rise from the present $4,000 it is pegged at. So, it there is a time to start developing some confidence in Bitcoin again, it is now!