Millions of Cryptocurrency Owners Could Be Making a Big Mistake

It’s been a slow day for the major cryptocurrencies on Tuesday, with bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano barely changed over the past 24 hours. After a multiday rally that sent all of the leading cryptocurrencies up by double digits over the past week, it appears that the market could be running out of steam, at least temporarily.

Despite the quiet cryptocurrency market, there could be trouble on the horizon for many investors, according to a new Credit Karma study. It appears that few investors are reporting cryptocurrency profits on their 2017 tax returns, which could lead to penalties and back taxes down the road.

1040 tax forms with a calculator, an open graph notebook, and black fountain pen on a green background.

Image source: Getty Images.

Today’s cryptocurrency prices

First, here’s a quick look at the five largest cryptocurrencies by market capitalization and how much each has changed over the past 24 hours.

Cryptocurrency Name (Code)

Price in U.S. Dollars

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