Bitcoin to $240K, Monero Plummets, El Salvador Supports Bitcoin, and More — Week in Review

Crypto

MARKET_WATCH

The “Wolf Of All Streets,” predicts that the upcoming Bitcoin halving could escalate its price. Monero faced a 32% market decline after Binance announced its delisting due to non-compliance issues. El Salvador reaffirmed its dedication to bitcoin amidst the International Monetary Fund’s calls to revoke the cryptocurrency as legal tender. In Brazil, the tax authority has flagged over 25,000 tax statements for failing to report bitcoin holdings, hinting at widespread irregularities and potential legal consequences for those involved.

‘Wolf Of All Streets’ Explains Bitcoin Halving Could Send BTC to $240,000

Scott Melker, also known as the “Wolf Of All Streets,” has explained why the upcoming Bitcoin halving could push the price of the cryptocurrency to $240,000. Noting that in the last halving cycle, bitcoin’s price went from the $20,000 high to the $69,000 high, he stressed that it’s an appreciation of 250.86%.

Monero’s Market Plummets 32% as Binance Announces Delisting, Sparking XMR’s Turbulence

The leading privacy-focused cryptocurrency by market valuation, monero (XMR), experienced a sharp 32% decline within the last day after news broke that Binance intends to remove the coin from its platform. Citing non-compliance with its listing criteria, Binance announced that monero, along with three other cryptocurrencies, will be taken off its exchange on Feb. 20, 2024.

El Salvador Stands Firm on Bitcoin, Defying IMF’s Renewed Call to Drop BTC as Legal Tender

El Salvador has reaffirmed its commitment to embracing bitcoin despite the International Monetary Fund’s repeated calls for the country to drop the cryptocurrency as legal tender. The Salvadoran vice president emphasized that not only will El Salvador’s bitcoin law be maintained but at this moment the cryptocurrency also “enjoys the greatest credibility in the entire world.”

Brazilian Tax Authority Reports Bitcoin Irregularities in Over 25,000 Statements

The Brazilian tax authority has reported identifying cryptocurrency irregularities in more than 25,000 tax statements. After a country-wide investigation, the institution detected that 25,126 individuals who possessed at least 0.05 BTC failed to include these holdings in its income tax statements, opening the doors for receiving fines or being charged for crimes against the tax system.

Source : Bitcoin News by David Sencil / Feb 11, 2024

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