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.