Analyst: New US tax law rules are also one of the reasons for Bitcoin's rise

Bitcoin has performed strongly and continued to rise over the past few days, and currently maintains a price range of $ 8,000. In addition to the political factors of the US-Iraq conflict, some analysts believe that the new US tax law regulations are also one of the incentives for Bitcoin to rise. Last November, the Internal Revenue Service (IRS) provided certain tax users with a tax refund in compliance with tax laws. The letter required cryptocurrency users to provide transaction certificates supporting their tax reports. Traders who submitted these certificates could receive tax refunds. This means that investors who buy bitcoin above $ 7,200 (the bitcoin price at the end of 2019) are eligible for tax deductions for 2019. If these investors do reduce taxes, they may repurchase their bitcoin positions at the beginning of the new year, which in turn will trigger a recent upward trend.