Bitcoin week recap - what happened so far?

🌕 Analyst Tom Lee reckons cryptocurrency selloff motivated by $25 billion capital gain hit. Top industry analyst and the lead researcher at Fundstrat, Tom Lee reckons that the current tax filing deadline in mid-April has been a contributor to the falling prices of digital currencies and tokens. Similarly, the investors who have been doing well betting on digital tokens are currently selling off to file $25 billion required for capital-gains levies. Bitcoin price has fallen by over 40% in the last month while it recorded 1.2% loss on Thursday 4. Lee says, “This is a massive outflow from crypto to dollars,” He wrote. “Historical estimates are each $1 of USD outflow is $20-$25 impacts on crypto market value.”

😳 MT. Gox's former owner Mark Karpeles claims bitcoin cannot 'keep up'. Bitcoin has fallen overnight to $6,544 as confidence continues to drop and speculative investors gradually walk away. The controversial former CEO of Mt. Gox has written on Reddit that he is no longer a BTC believer. Mark Karpeles said: "The technology is definitely here to stay, but bitcoin may have trouble evolving and keeping up." The former CEO also called bitcoin’s one-tie rival, ethereum, “too untested” for any kind of serious use.

💪 Now good news

SEC Puts Bitcoin ETF Proposals Back on the Table. The US Securities and Exchange Commission (SEC) has quietly begun considering two Bitcoin ETF proposals, public documents show. According to SEC documents dated March 23, the agency has instituted formal proceedings to determine whether to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. ProShares Bitcoin ETF and ProShares Short Bitcoin ETF would each hold Bitcoin futures contracts, providing retail investors with the ability to indirectly invest in the flagship cryptocurrency — or bet against it — through a familiar investment product.