The bitcoin price seems to be recovering further today. It has risen above $44,000 for a short time after being in a brief consolidation phase since last Friday.
The Trading View chart shows that the bitcoin price reached $44,401 at 3:00 am today before falling to $43,9721.52.
Bitcoin had rallied strongly from $37,000 above $40,000 on February 4. Consequently, some optimism came back into the market that an uptrend could come again soon. Over the weekend, therefore, the crypto market was able to recover somewhat.
In Venezuela, the government plans to impose a tax on crypto transactions of up to 20%. Therefore, another discussion session for this bill was held last Thursday. According to it, large financial transactions in cryptocurrencies are to be taxed.
The bill aims to create new incentives for the use of the national currency. Taxes are to be levied on transactions in non-official national currencies. These are the Venezuelan bolivar and the country’s cryptocurrency the El Petro. In the country where officially hyperinflation prevails with an official inflation rate of 686.4% last year, the national currency bolivar had lost over 70% of its value in the last year alone. This has led the population to abandon the national currency and switch to other currencies. In some regions, people are even paying with gold again.
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Tuesday, February 8, 2022