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US tax liabilities for cryptocurrencies in 2017 seen at $25 bn: Fundstrat

This could mean a massive outflow from cryptocurrencies to the dollar by April 15, the deadline for filing taxes this year, the firm said

Reuters  |  NEW YORK 

Soaring crypto-currency prices last year are estimated to result in U.S. tax liabilities of $25 billion, adding further selling pressure to these assets in the short term, according to a research note by Fundstrat Global Advisers on Thursday. This could mean a massive outflow from crypto currencies to the dollar by April 15, the deadline for filing taxes this year, the firm said. "We believe selling pressures (in crypto) have been amplified by capital gains tax-related selling this year," said Thomas Lee, Fundstrat's co-founder and head of research. Lee was formerly ...

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First Published: Thu, April 05 2018. 23:33 IST
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