Looming tax deadline could be moment of truth for bitcoin bulls


Coming off their best week since early February, digital currencies were slightly lower Monday, with many pundits eyeing the U.S. tax deadlines that loom a day away.

Bitcoin, the No.1 digital currency, hit a three-week high earlier in the day, trading to $8,407.72, before slipping back below $8,000, giving up some of last week’s gains. A single bitcoin BTCUSD, +0.33% was last valued at $7,988.63, down 4.4% on the day.

Tax day looms

After surging as much as 20% last week, many pundits now believe a medium-term low is in place, blaming the recent selloff on tax related selling — digital currency owners who made money in 2017 are having to convert crypto into fiat money to pay their taxes.

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