Bitcoin prices were lower Monday ahead of the much-anticipated tax deadline, which bullish pundits say has been holding back the digital currency this year.
The cryptocurrency was trading near $8,025.55 as of 2:03 p.m. ET Monday following its best week since February, according to CoinDesk. It has dropped more than 40 percent since Jan. 1, after starting this year above $14,000.
"Tax-selling has been a significant factor in downward crypto prices over the past few weeks. I would expect this downward pressure to abate after tax day," said Spencer Bogart, partner at Blockchain Capital.