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Fundstrat Global Advisors has a new thesis for the crypto selloff and its just the good old Tax Man - it estimates that US households had $92b in taxable gains for 2017, and that every $1 in USD outflow is $20 - $25 impact to crypto market value.
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“We still like Bitcoin and large-caps,” he said, adding that “while we believe the bear market for alt coins is largely over, we do not see upside for alts until mid-August.”
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