Colin Wu, the crypto-journalist from China and market insider has recently shared some surprising reasons behind the recent plunge in BTC price. Wu does not ascribe the recent fall in the price of Bitcoin to options expiration. Colin Wu Unveils two Possible Reasons for BTC Price fall Talking about the reasons behind the fall in the price of the flagship currency, Mr. Wu shared two possible catalysts that assisted the bear cartel to drag Bitcoin (BTC) to the level of $35K. In accordance with the data shared by Colin Wu, Australian tax officers may have reached cryptocurrency holders. A hundred thousand owners of digital assets should brace themselves for extra tax checks. In addition to this, according to the local media, Tim Loh, the Australian Taxation Office (ATO) assistant commissioner released a warning that thousands of Australians should be urged to review their filings as: “A big myth is that people think crypto is a currency, rather than an asset, which is how it is classified by the ATO.” Moreover, around 300,000 taxpayers who applied for tax returns are going to be asked to report the gains and losses they made through cryptocurrencies to the watchdogs. China Bans Crypto Mining Talking about the second reason behind the fall in the price of Bitcoin is the Chinese authorities and the ban that they are planning to impose on crypto mining. Mr. Wu revealed that the Chinese authorities are rumored to start implementing anti-mining policies from the coming Friday night. Moreover, it has been already reported that the crypto traders and the researchers in this field are ascribing the ongoing bearish reversal of the crypto markets to the escalated crackdown on cryptocurrencies, Talking about the source of this news, it should be noted that this piece of news was announced by the Chinese government itself.
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