Bitcoin dives to $6,600. The recent decline may be caused by the US-based crypto holders, as the deadline for filing tax return approaches.

According to the co-founder of the analytical firm Fundstrat Tomas Lee, the current decline of the cryptocurrency market may be due to the sell-out on the US market. Investors in the United States massively selling their digital assets as tax filing deadline on 17 April comes closer.

"This is a massive outflow from crypto to USD and historical estimates are each $1 of USD outflow is $20-$25 impact on crypto market value," Thomas Lee suggested.

Cryptocurrency exchanges add fuel to the flames, also allegedly selling a part of their net income to dollars.

"Additionally, we believe there is selling pressure by crypto exchanges who are subject to income tax in U.S. jurisdictions," Lee said. "Many exchanges have net income in 2017 [of more than] $1 billion and keep working capital in [bitcoin]/[ethereum], not USD — hence, to meet these tax liabilities, are selling BTC/ETH."

According to Lee's estimates, US households likely owe $25 billion in capital gains taxes for their cryptocurrency holdings. Still, it is highly likely that a great batch of crypto holders will not file their digital assets at all.

On 1 April, the crypto-enthusiast Ryan Selkis conducted a poll in his twitter, asking whether his followers plan to pay taxes from their cryptocurrency revenues. Only 19% of 9,339 respondents stated that they had already filled in the declarations and paid taxes. 17% answered that they filed tax returns and are preparing to pay money. 53% are not going to pay, because they believe that tax servces will never catch them.

In the United States, cryptocurrencies are considered an investment property. In this regard, the tax is levied on the exchange of cryptocurrency for fiat money or other cryptocurrency, on purchase of goods or services. At the same time, the transfer from a purse to a purse, as well as donations in cryptocurrencies or their purchase for dollars are not taxed.