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8 months ago
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ARTICLE AD BOX
Scott Melker, known as the “Wolf Of All Streets,” anticipates a surge in Bitcoin prices following the upcoming halving. This projection aligns with the historical trend where BTC experiences price appreciation after each halving event, reducing the rate at which new coins are generated. The anticipation of decreased supply often fuels upward price movements.
Monero, on the other hand, faced a significant setback as its market plunged by 32%. This decline was triggered by Binance’s announcement of delisting due to non-compliance issues. Binance’s move to remove Monero from its platform raised concerns and prompted a market sell-off, underlining the impact of regulatory scrutiny on cryptocurrency assets.
In a contrasting scenario, El Salvador remains resolute in its commitment to Bitcoin despite the International Monetary Fund’s (IMF) recommendation to retract the cryptocurrency’s legal tender status. El Salvador made headlines globally by adopting BTC as legal tender, a move that faced skepticism and criticism from various quarters. The IMF’s stance adds to the ongoing debate surrounding the global acceptance and regulatory challenges associated with cryptocurrencies.
Shifting focus to Brazil, the country’s tax authority has raised concerns over irregularities related to BTC holdings. More than 25,000 tax statements have been flagged for failure to report BTC holdings, signaling potential widespread non-compliance. The Brazilian tax authority’s scrutiny suggests a growing emphasis on regulating and monitoring cryptocurrency transactions, with potential legal consequences for those found in violation.
These developments underscore the dynamic and evolving landscape of the cryptocurrency market, where price predictions, regulatory actions, and geopolitical decisions can significantly impact the fortunes of digital assets.
‘Wolf Of All Streets’ Explains Bitcoin Halving Could Send BTC to $240,000
Scott Melker, renowned as the “Wolf Of All Streets,” has provided insights into the potential impact of the upcoming Bitcoin halving, suggesting it could propel the cryptocurrency’s price to $240,000. Melker draws attention to the historical context, pointing out that during the previous halving cycle, Bitcoin’s price surged from a high of $20,000 to reach $69,000. This notable appreciation amounted to a significant 250.86%.
Melker’s analysis underscores the cyclical nature of BTC price movements in response to halving events. The halving, occurring approximately every four years, reduces the rate at which new BTC’s are mined, effectively cutting the available supply. This scarcity dynamic has historically contributed to upward price momentum, as witnessed in the substantial surge during the last halving cycle.
By extrapolating from the past performance, Melker suggests that the forthcoming halving could potentially trigger a comparable appreciation, leading to a BTC price of $240,000. While predictions in the cryptocurrency market are subject to various factors and uncertainties, historical patterns and market dynamics often serve as essential indicators for analysts like Melker.
The anticipation of reduced supply, coupled with growing institutional interest and broader acceptance of Bitcoin, forms the backdrop for Melker’s optimistic projection. As the cryptocurrency ecosystem continues to evolve, market participants closely monitor these halving events as crucial milestones that can influence the trajectory of BTC ‘s value.
Melker’s insights contribute to the ongoing discourse around Bitcoin’s potential future price movements, providing a perspective rooted in historical performance and market trends. Investors and enthusiasts alike remain attentive to such analyses as they navigate the dynamic landscape of the digital asset market.
Monero’s Market Plummets 32% as Binance Announces Delisting, Sparking XMR’s Turbulence
Monero (XMR), recognized as the foremost privacy-centric cryptocurrency based on market value, encountered a significant and abrupt 32% downturn in the past 24 hours. The catalyst for this sharp decline stemmed from the revelation that Binance, a prominent cryptocurrency exchange, has plans to delist Monero from its platform. Binance communicated its decision to remove Monero, along with three other cryptocurrencies, citing non-compliance with the exchange’s listing criteria. The scheduled date for the removal is set for February 20, 2024.
The move by Binance to delist Monero, known for its privacy-enhancing features, raises questions about the impact of regulatory considerations on cryptocurrency assets. Privacy-focused cryptocurrencies have often faced scrutiny due to concerns about their potential use in illicit activities. Binance’s emphasis on non-compliance with listing criteria suggests a prioritization of regulatory adherence and standards within the cryptocurrency exchange ecosystem.
The impending delisting has evidently triggered a substantial market response, reflected in Monero’s sharp decline. Investors and enthusiasts closely monitor such developments as they navigate the evolving regulatory landscape and its implications on specific digital assets.
As the cryptocurrency market continues to mature, regulatory compliance becomes an increasingly pivotal aspect for exchanges and projects alike. Binance’s decision to delist Monero underscores the ongoing tension between privacy-focused features and regulatory expectations within the broader cryptocurrency industry. The aftermath of this delisting event will likely prompt further discussions on the balance between privacy, regulatory compliance, and the market presence of specific cryptocurrencies.
“If we even take that next 250% and take it from that $69,000 (all-time bitcoin price) high into the next cycle, we’re looking at bitcoin around $240,000.”
Expressing his bullish stance on Bitcoin’s future price, Scott Melker, also known as the “Wolf Of All Streets,” shared his perspective on the potential for Bitcoin to reach remarkable valuations. He acknowledged that predicting figures like $170,000, $220,000, or even $1 million might sound like hyperbole, but he emphasized a pragmatic approach of not attempting to fix something that isn’t broken. Melker expressed confidence in the cyclicality of Bitcoin’s market behavior, citing past successes, and asserted that unless proven otherwise, he believes Bitcoin could surpass the $200,000 mark.
Melker’s sentiments align with a broader sentiment among investors who anticipate that the upcoming Bitcoin halving will act as a catalyst for an upward price trajectory. Anthony Scaramucci, founder of Skybridge Capital, shares this optimism, predicting that if Bitcoin is at $45,000 during the halving, which is roughly its current value, it could surge to $170,000 by the mid to late period of 2025.
Standard Chartered, a global bank, also joined the optimistic chorus earlier this month, forecasting a potential $200,000 price tag for Bitcoin in the coming year. The anticipation of a rising trend is further fueled by venture capitalist Tim Draper, who has recently reiterated his bullish stance on Bitcoin, raising his prediction to a substantial $250,000 for the current year. Draper goes beyond the monetary aspect and envisions a future where people may lose interest in the U.S. dollar.
These projections collectively underscore the positive sentiment surrounding Bitcoin’s future, with industry experts and notable figures expressing confidence in the cryptocurrency’s potential for significant appreciation. The recurring theme revolves around the historical success of Bitcoin’s market cycles and the upcoming halving event, which historically has contributed to bullish trends. However, it’s crucial to note the speculative nature of such predictions and the unpredictable factors that may influence the cryptocurrency market. Investors and enthusiasts continue to closely monitor these forecasts as the cryptocurrency landscape evolves.
Do you think the price of bitcoin will hit $240,000 after the halving? Let us know in the comments section below.
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