The change of a specific country's cryptocurrency tax policy may lead to different market trends. If the tax is increased, such as Italy raising the capital - gains tax to 42%, it may deter investment and reduce trading volume. On the contrary, if the tax is reduced or exempted, like Russia exempting value - added tax on cryptocurrencies, it may attract capital inflows and boost the market. In general, tax policy changes mainly affect investor behavior and market liquidity, thus influencing the market trend.