A College student lost cryptocurrency $ 755 000 (119,28 BTC): Blame the bears?

A bear market has hit many cryptocurrency traders. But while many investors have had to withdraw their funds left, and those who now literally crying from damages.

For example, a College student who bought the Bitcoin at a price of $ 5,000 in 2017, have expressed their disappointment with the loss of $ 755,000 (119,28 BTC), asking like-minded people, not if he destroyed his life. The fact that the guy was left alone with taxes on cryptocurrency trading in the $ 400 000, which he is unable to pay.

A user under the name Throwaway283921 explained on Reddit that started trading cryptocurrency in may 2017, after he learned that his friend traded Ethereum. He signed up for Coinbase and invested $ 5 000, which was half of his savings.

He’s started to sell Bitcoin in a pair of Ethereum, driving means back and forth, making the end of 2017 more than ten-fold increase in initial investment and in December of 2017 earned a whopping $ 880 000 (139,03 BTC).

The purpose of “Throwaway” was to withdraw money after he crossed the 1 000 000 dollars. It is a peculiar tradition followed by most cryptocurrency investors, but the hero of our story foolishly invested in a fraudulent ICO, which has led to irreparable loss of his condition. On arrival of bears on the market the guy managed to lose about 755 000 dollars, saving all of $ 125,000.

He explained:

“I didn’t know anything about taxes, so I didn’t bother putting nothing on hold. Me that nobody taught. I invested in several failed ICO, tokens which fell without any chance of recovery. Today my portfolio is $ 125 000 and not $ 880 000. The amount of taxes I have to pay for 2017, is approximately $ 400 000 (lives in California)”.

Now the student, following the advice of the cryptocurrency community to consult with a tax lawyer specializing in crypto-currencies and alternative investments.

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Who is to blame for the recent fall in the price of Ethereum?

According to the study TrustNodes, published 13 September in the last 10 days. ICO-projects sold three times more Ethereum (ETH), than in August.

160.000 tokens, Ethereum sold over the past few days, account for nearly $ 33 million at the current rate. According to the study TrustNodes, 4 September, a number of ICO projects sold 82.000 ETH, after which there was a sharp decline in the price of ETH.

Average daily sales of ETH ICO-projects ranged from 1.000 to 5.000 ETH in August, while periodically amount reached 10.000 ETH. However, in September, 10,000 ETH has become almost a daily norm.

According TrustNodes, the total amount of Ethereum sold ICO for the last 30 days, is 283.000 ETH, which is nearly 60 million US dollars at the current rate.

Recalling Santiment, TrustNodes States that the largest share of sales is associated with ETH project Digix. According to CoinMarketCap, the project Digix owns Ethereum in the amount of about 150,000 million dollars, which greatly exceeds the current market capitalization of the coin itself DigixDAO project, which is 69 million dollars.

ICO-projects that raised funds in Ethereum are the main reason for the recent fall in the price of ETH, since some of the projects, withdrawals to cover current and future costs amid fears of a bear market. We will remind that last week the price of Ethereum fell below 170 dollars, which is the lowest rate in 2018.

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